Mumbai, 28 January (Commoditiescontrol): ICE raw sugar futures dropped on Thursday, on expectations for increased sugar output in India.
March NY world sugar on Thursday closed down 0.08 cents or 0.43 percent at 18.41 cents, and March London white sugar closed down $0.10 or 0.02 percent at $499.70.
Sugar prices are under pressure due to expectations that larger sugar crops in India and Thailand will compensate for Brazil's sugar production losses.
The All-India Sugar Trade Association on Thursday forecasted that India 2021/22 sugar production would increase by 2.9 percent year on year to 31.9 MMT.
Support and resistance for Sugar# 11 lies at 18.30 and 18.52 cents, respectively.
(By Commoditiescontrol Bureau: +91-22-40015505)
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