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ICE raw sugar futures settle lower as reduced frost risks in Brazil sparks long liquidation

31 Jul 2021 8:32 am
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Mumbai, 31 July (Commoditiescontrol): ICE raw sugar futures settled sharply lower on Friday as reduced frost risks in Brazil sparked massive long liquidation in sugar futures.

October raw sugar ​​closed down 0.39 cent, or 2.1 percent, at 17.91 cents per lb. October white sugar ​​settled down $5.70, or 1.3 percent, at $445.70 a tonne.

Dealers were also waiting to see whether overnight temperatures in Brazil were cold enough to cause more damage to sugarcane crops.

"Prices slid lower on a profit taking and a view that the cold weather predicted for Brazil maybe not as cold as feared," said a sugar broker.

Dealers also said the demand seems absent as the refining premium continues to suffer.

Support and resistance for Sugar #11 lies at 17.66 and 18.31 cents per lb, respectively.

(By Commoditiescontrol Bureau: +91-22-40015505)


       
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