Mumbai, 30 Oct (Commoditiescontrol): ICE raw sugar futures rose slightly on Tuesday as India’s sugar mills pressed the government to permit the immediate export of 2 million metric tons of surplus sugar.
ICE March raw sugar futures edged up 0.12 cents, or 0.55%, to close at 22.08 cents per pound. In London, December white sugar futures gained $4.00, reaching $564.20 per ton.
Brazil’s weather forecast added mixed signals to the sugar market. Meteorologist Climatempo forecasted rain this week in Brazil’s key Center-South region, expected to ease drought conditions, cool temperatures, and improve soil moisture, potentially reducing immediate sugar price pressure.
While recent rains may lead to tighter supplies in late 2024 and early 2025, data from Unica last week revealed an 8% year-over-year rise in sugar production in Brazil’s Center-South for early October, reaching 2.443 million metric tons. This season’s cumulative output in the region is up 1.9%, totaling 35.591 million metric tons so far.
Global supply forecasts were slightly adjusted as Czarnikow raised its 2024/25 surplus estimate to 4.7 million metric tons, citing stronger production in Colombia. Additionally, McDougall Global View reported a sugar mix of 48.7%, contributing to downward price pressure.
Technically, support for sugar is at 21.90 and 21.73 cents per pound, while resistance is set at 22.24 and 22.41 cents. While higher Brazilian production and improved weather conditions might weigh on prices, strong demand and low stock levels could provide price support as 2025 approaches, leaving future market trends uncertain.
(By Commoditiescontrol Bureau: 09820130172)
0 Comments 
Post Comment 
