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ICE raw sugar futures ease on ample supply prospect

28 Sep 2022 8:16 am
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Mumbai, 28 Sep (Commoditiescontrol): ICE raw sugar futures closed lower on Tuesday on ample supply prospect. The markets seem entered consolidation phase after hitting a two-month peak on Monday, with short-term supply tightness and a pause in selling in the wider financial markets underpinning prices.

ICE October raw sugar ​​settled down 0.16 cent, or 0.9%, at 18.19 cents per lb​​, after touching a two-month high of 18.75 cents on Monday. December London white sugar fell $5.90, or 1.1%, at $528.30 a tonne.

The October contract, which expires on Friday, last traded at a premium to March of 0.72 cent, lifted by a shortage of deliverable supplies.

Dealers said the October premium should ensure sugar remains relatively firm but added that with a likely global surplus for the 2022/23 season, prices could drop back once the contract expires.

Brazil's center-south sugar production slightly missed market estimates in the first half of September, data provided by industry group Unica showed on Tuesday.

There are worries about possible impact to sugarcane areas in Florida from hurricane Ian.

In a supportive factor, Conab, on August 19, cut its estimate for the 2022/23 Brazil sugar crop to 33.9 MMT from an April forecast of 40.3 MMT, citing lower plantings and falling sugar cane yields.

This summer's hot and dry weather in Europe, the world's third-largest sugar producer, caused smaller sugar beet yields and lower sugar production, which is bullish for sugar prices.

Czarnikow Group predicts sugar output in the European Union (EU) and the UK should total 16.4 MMT this year, about 1 MMT lower than last year, which means the EU may have to import more sugar than usual.

For Wednesday, support for October raw sugar is at 17.46 cents and 17.32 cents, with resistance at 17.82 cents and 18.04 cents.

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


       
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