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ICE raw sugar futures scaled lower amid weaker crude oil prices

22 Jan 2022 8:04 am
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Mumbai, 22 January (Commoditiescontrol): ICE raw sugar futures scaled lower on Friday amid weaker crude oil prices.

March NY world sugar on Friday closed down 0.03 cents or 0.16 percent at 18.90 cents, and March London white sugar closed down $1.90 or 0.37 percent at $505.40.

Weakness in crude oil prices undercut ethanol prices and is bearish for sugar.

On Thursday, NY sugar had earlier posted a 3-week high, and London sugar posted a 1-1/2 month high after Feb WTI crude surged to a 7-1/4 year high on Wednesday.

Support and resistance for Sugar# 11 lies at 18.68 and 19.11 cents, respectively.

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

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