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)