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ICE Raw Sugar Weakens on Higher Output Estimate in India, Weak Real

27 Jun 2020 8:42 am
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Mumbai (Commodities Control) –Raw sugar futures on Friday posted moderate losses with NY sugar at a 3-week and London sugar at a 5-week low.

Sugar prices saw continued weakness on the prospects for increased sugar production in India. The Indian Sugar Mills Association (ISMA) said Thursday that India's 2020/21 sugar production would climb 17.7% y/y to 32.01 MMT as sugar acreage is increased by 8.1% to 5.23 mln hectares.

ISMA also projects that India's 2020/21 sugar exports will jump to 7 MMT, up 25.7% from 5.2 MMT in 2019/20.

July raw sugar ​​settled down 0.26 cents, or 2.2%, at 11.55 cents per lb​​. October raw sugar ended 0.30 cents or 2.52% at 11.62 cents per lb. August white sugar ​​settled down $5.40, or 1.5%, at $351.20 a tonne.

Dealers said the July contract expiry on Tuesday gave a short-term focus with a fairly modest delivery expected following the recent sharp decline in open interest.

Open interest for the contract, as of June 25, stood at 19,425 lots, down more than 50% from a day earlier.

The recent fall in the whites premium indicated that any short-term tightness had eased, dealers noted.

Another bearish factor for sugar was the weakness in the Brazilian real, which fell 1.08% to a 1-month low against the dollar on Friday.

Support and Resistance for sugar #11(October futures) lies at 11.25 cents and 12.17 cents per lb, respectively.

(Commodities Control Bureau)

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