Raw sugar near three-month highhttps://af.reuters.com/article/africaTech/idAFL8N1N663S
November 01, 2017 at 1:48 PM
March raw sugar settled up 0.01 cent, or 0.07 percent, at 14.74 cents per lb, just below Monday's three-month high. The spot contract closed the month up 8.9 percent.
Dealers said producer selling stalled the run-up in prices that linked to a rise in ethanol values in Brazil, which reduced the amount of cane being used to produce sugar.
"The market is consolidating gains but it remains to be seen whether a further step upwards can be made," said Sucden Financial senior trader Nick Penney, adding that trends in energy or currency markets could fuel further gains.
"Technically the market trading range seems to have risen 50 points to the 14.50 to 15.00 parameters, with strong technical resistance approaching either end," said James Liddiard of consultancy Agrilion in a market note.
March white sugar settled up $1.10, or 0.3 percent, at $384.80 per tonne.
The global sugar market is poised for a 2017-18 surplus of 9.8 million tonnes, Australia-based analyst Green Pool said.
February 23, 2018
Global sugar prices have tumbled about 33 percent in the past year on a global surplus as production increases in Europe and India. ISMA last month raised its 2017-18 sugar output estimate 4 percent to 26.1 million tons, the highest in three years. Green Pool Commodity Specialists this week forecast Indian production at 28.1 million tons, with expectations of an equal or better crop next season.Read More
February 6, 2018
Green Pool hinted at downbeat prospects for sugar prices as it raised its estimate for the production surplus for this season, forecast another stockbuild in 2018-19, and said a third one could be in the offing.Read More
January 3, 2018
March raw sugar settled down 0.02 cent, or 0.13 percent, at 15.31 cents per lb after peaking at 15.37 cents, its highest since Nov. 28. But focus on bearish fundamentals returned after closely-watched commodity analyst Green Pool on Wednesday raised its projections of a global surplus in 2017/18 to 10.43 million tonnes, up from a forecast of 9.8 million. [nL8N1OY1Q7Read More
January 3, 2018
Green Pool hinted at the potential for sugar price weakness as it lifted to a 15-year high its forecast for the extent of supplies of the sweetener, citing strong production prospects in the likes of India and Thailand. The Australian-based analysis group raised by 629,000 tonnes to 10.43m tonnes its forecast for the world sugar production surplus in 2017-18 - while reducing by 664,000 tonnes to 1.11m tonnes its estimate for the output shortfall last season.Read More
November 2, 2017
The global sugar market is poised for a surplus of 9.80 million tonnes 2017/18, Australia-based analyst Green Pool said on Tuesday, amid stronger production and sluggish consumption growth.Read More
November 1, 2017
World sugar dynamics are the “worst” - for bulls – in at least 12 years, Green Pool said, hiking its estimate of the global output surplus, and hinting at the potential for further growth in stocks “into 2018-19 and perhaps beyond”.Read More
August 24, 2017
The global sugar surplus is expanding as Brazil, Thailand and the European Union drive world production to record, according to Green Pool Commodity Specialists. Supplies will outpace demand by 7.1 million metric tons in the 2017-18 season that starts in October in most countries, a 29 percent increase from a May forecast.Read More