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ICE Raw Sugar Rally Continues on Global Output Concerns

10 Oct 2020 8:31 am
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Mumbai (Commodities Control) – Raw sugar futures rose for the ninth session on Friday, closing near a seven-month top on improved outlook for the 2020-21 season.

March raw sugar ​​settled up 0.06 cent, or 0.4%, at 14.23 cents per lb, just shy of a more than seven-month intraday top of 14.24 cents touched on Thursday. December white sugar ​​settled down $0.90, or 0.2%, at $384.90 a tonne.

Lower sugar production in Thailand, Russia and the European Union, coupled with an expected demand recovery, will result in a deficit of 2.2 million tonnes of sugar in the 2020-21 season, broker and analyst StoneX said.

Dry weather in top exporter Brazil is also supporting prices. Industry group Unica reported on Friday signs of falling yields for cane.

Sugar group Tereos said on Friday it was recommending its French farmer members plant the same area of sugar beet in 2021 as this year.

The USDA increased projections for sugar consumption in the U.S.

Sugar prices also garnered support after China on Friday raised its 2019/20 sugar import estimate. According to the China Agricultural Supply and Demand Estimates (CASDE), China will import 3.5 MMT of sugar in 2019/20, up 15% from a prior estimate of 3.04 MMT.


Support and Resistance for Sugar #11 lies at 13.91 cents and 14.47 cents per lb, respectively.

(Commodities Control Bureau)




       
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