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ICE raw sugar futures decline on expectations for larger sugar crops in India and Thailand

27 Jan 2022 8:03 am
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Mumbai, 27 January (Commoditiescontrol): ICE raw sugar futures declined on Wednesday, on expectations that bigger sugar crops in Thailand and India will offset sugar production losses in Brazil.

March raw sugar ​​settled down 0.29 cent, or 1.5 percent, at 18.49 cents per lb​​. March white sugar fell $4.20, or 0.8 percent, to $499.80 a tonne.

Investors keen to hold safe-haven assets, keeping the dollar below a two-and-a-half-week high. A strong dollar makes dollar-priced commodities including sugar costlier for non-U.S. investors.

Dealers said speculators remained on the side-lines after a large reduction of their long position in the sweetener.

"I think this is more continued risk-off because of macro and global political issues," said a U.S. broker.

With higher output in India, Thailand, Pakistan, Europe, and Mexico, CovrigAnalytics expects the global sugar market to record a small surplus of less than 0.6 million tonnes in 2021/22.

Support and resistance for Sugar# 11 lies at 18.31 and 18.74 cents, respectively.



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


       
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