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.
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July raw sugar settled down 0.06 cent, or 0.5 percent, at 11.69 cents per lb. Focus remained on a global supply glut, with commodity analyst Green Pool forecasting a combined sugar surplus of almost 25 million tonnes for the 2017-18 and 2018-19 seasons.Read More