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ICE Raw Sugar Slipped From 7.5 Months High; ISMA Revises India Sugar Production Estimate Higher

21 Oct 2020 7:01 am
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Mumbai (Commodities Control) - Raw sugar futures slipped as the market consolidated after hitting a 7-1/2 month high in the previous session. Sugar prices on Tuesday also fell back on profit-taking after the Indian Sugar Mills Association (ISMA) raised its India 2020/21 sugar production estimate to 31 MMT from a June forecast of 30.5 MMT.

March raw sugar ​​settled down 0.18 cents, or 1.2%, at 14.54 cents per lb​​, having touched a 7-1/2 month peak of 14.72 cents on Monday. December white sugar ​​settled down $6.40, or 1.6%, at $396.80 a tonne.

Brokers said that the huge long position by funds, at around 200,000 contracts, leaves the market susceptible to downward corrections.

There is, however, concerns that supplies could tighten early next year, with top producer Brazil between crops and the possibility of limited exports from key supplier India if its subsidy policy is further delayed or cut back.

Infact, sugar prices have rallied sharply over the past five weeks on concern about future Brazil sugar output, primarily.

Egypt has more than 1 million tonnes of sugar reserves, sufficient for more than four months, the agriculture ministry said.

Support and Resistance for Sugar #11 lies at 1437 cents and 14.83 cents per lb, respectively.




       
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