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ICE Raw Sugar Ends Higher On Reduced India Sugar Exports

30 Jan 2021 7:59 am
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Mumbai Commodities Control - Sugar prices on Friday moved higher as NY sugar rebounded from a 2-week low and closed higher, and London sugar climbed to a 1-week high.

March raw sugar ​​settled up 0.24 cents, or 1.5%, at 15.83 cents per lb​​. The contract ended the month up 2.2%.March white sugar ​​settled up $14.50, or 3.3%, at $456.10 a tonne.

Reduced sugar exports from India boosted prices Friday after the president of India's Shree Renuka Sugars Ltd. said that a shortage of shipping containers in India is reducing sugar exports.

India has only exported about 70,000 MT of sugar so far this month, well below the 370,000 MT of sugar exported at the same time last year. India is the world's second-biggest sugar exporter.

NY sugar on Friday initially fell to a 2-week low on ample supplies from Brazil.

Dealers, meanwhile, said the market has lost upward momentum after climbing to the highest in more than 3-1/2 years earlier this month, but there remained solid support around 15.50 cents.

"From a fundamental perspective there is probably limited reason for prices to slump, as much as the rally to 16.75 was difficult to justify," said a dealer.

On Wednesday, Unica reported that Brazil's Center-South sugar production in the first half of January was up 77% y/y at 8 MMT and that 2020/21 Brazil Center-South sugar production through mid-January.

Support and resistance for Sugar#11 lies at 15.58 cents and 16.06 cents per lb, respectively.

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