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NY raw sugar futures unchanged as crude prices rebounds

2 Dec 2021 8:13 am
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Mumbai, 2 December (Commoditiescontrol): NY raw sugar futures unchanged on Wednesday as crude oil prices rebounded slightly after falling to a 3-1/4 month low on Tuesday.

March raw sugar was unchanged at 18.60 cents per lb. March white sugar fell 0.3 percent to $484.20 a tonne.

"Fundamentally speaking, on sugar, things tend to look more bullish rather than bearish. But not many are still paying much attention to fundamentals these days remaining hypnotised by the bloodbath that happens especially in crude oil and in the energy complex," CovrigAnalytics said in a weekly update.

Sugar beet production in France is expected to reach 35 million tonnes this year in a recovery from a very poor 2020 crop, growers’ group CGB said.

Support and resistance for Sugar #11 lies at 18.48 and 18.80 cents per lb, respectively.

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

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