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ICE raw sugar futures scaled up amid higher crude oil

26 Oct 2021 8:20 am
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Mumbai, 26 October (Commoditiescontrol): ICE raw sugar scaled up on Monday amid higher crude oil prices.

March raw sugar settled up 0.31 cent, or 1.6 percent, at 19.39 cents per lb. December white sugar rose $4.80, or 1 percent, to $505.40 a tonne.

Crude oil prices posted a new 7-year high Monday, which is supportive of ethanol prices and bullish for sugar.

Dealers said a 7 percent gasoline price hike announced in Brazil boosted raw sugar futures mid-session on ICE.

Higher gasoline prices push up ethanol prices in Brazil, which could drive mills to boost production of the biofuel in the final weeks of the crop, cutting sugar output.

As per the consultancy CovrigAnalytics, after the fuel price hike in Brazil and considering Monday's currency exchange, anhydrous ethanol price rose to the equivalent of 20.62 cents per pound.

"Domestic ethanol prices in Brazil are touching new highs almost on a daily basis. It is a good deal for mills to produce the fuel," said analyst.

Egypt has strategic sugar reserves sufficient until January-February, a senior supply ministry official said.

Support and resistance for Sugar #11 lies at 19.10 and 19.56 cents per lb, respectively.

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


       
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