Login ID:
Partner Login
Contact Us : 7066511911

ICE Raw Sugar Rally Continues on Global Output Concerns

10 Oct 2020 8:31 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

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)

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Top | Post Comment  

Latest Market Commentary
Madhya Pradesh Sugar Mill Prices – 25 NOVEMBER 2020
Gujarat Sugar Mill Prices – 25 NOVEMBER 2020
Maharashtra Sugar Mill Prices – 25 NOVEMBER 2020
Tamil Nadu Sugar Mill Prices – 25 NOVEMBER 2020
Uttar Pradesh Sugar Mill Prices - 25 NOVEMBER 2020
Top 5 News
Spot Turmeric Generally Muted amid Dull Demand, Carryov...
Vegoils Commentary: NCDEX Ref Soy oil stayed flat today...
Pulses Commentary: Chana future stayed flat, market’s ‘...
Oilseeds Commentary: Soybean futures take support of lo...
Chana Traded Mixed in Major Spot Markets
Top 5 Special Reports
USD/INR (Dec ‘20) – Bearish Price Trend / More Downside...
USD/INR (Nov ‘20) – Consolidating Near Key Support (74....
Copyright © CC Commodity Info Services LLP. All rights reserved.