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ICE raw sugar futures edge lower amid weaker crude oil prices

21 Jan 2022 8:09 am
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Mumbai, 21 January (Commoditiescontrol): ICE raw sugar futures edged lower on Thursday amid weaker crude oil prices.

March raw sugar ​​closed lower by 0.14 cent, or 0.7 percent, at 18.93 cents per lb. March white sugar fell $2.80, or 0.5 percent, at $507.30 a tonne.

"There seems no particular reason for the weakness apart from profit-taking in a thin market after possibly getting a little over-done on the up-side," said a European broker.

Dealers said sugar is set to remain firm near-term and will only see resistance above 19.30 cents.

They noted also that several analysts are marking down production of sugar in China, a key consumer, due to lower planted beet area and cold weather.

Support and resistance for Sugar# 11 lies at 18.77 and 19.19 cents, respectively.



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


       
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