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ICE raw sugar futures gain amid higher crude oil

3 Dec 2021 8:13 am
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Mumbai, 3 December (Commoditiescontrol): ICE sugar futures gained on Thursday amid higher crude oil prices.

March raw sugar closed 0.2 percent higher at 18.62 cents per lb, after hitting its lowest since early August at 18.46 cents. March white sugar gained 0.1 percent at $484.70 a tonne, having hit its lowest in 2-1/2 months at $482.50.

Dealers said sugar is unlikely to head higher despite positive fundamentals because the market remains fixated by the Omicron variant and has weeks to wait before the emergence of data on the scale of the threat it poses to global health.

Indian sugar mills produced 4.72 million tonnes of sugar in October and November, nearly 10 percent more than a year ago, a trade body said.

Top producer Brazil exported 2.67 million tonnes of sugar in November, against 2.9 million tonnes in the same month last year, data showed.

Support and resistance for Sugar #11 lies at 18.46 and 18.78 cents per lb, respectively.

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


       
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