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News


Raw sugar bounces off 3-week low
Date: 26 Oct 2012
Source: The Business Line
Reporter: Reuters
News ID: 1701
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LONDON Oct 25 (Reuters) - ICE raw sugar futures bounced off a three-week low in early trade on Thursday, although the upside was capped by fast progress in Brazil's harvest and surplus supplies, while coffee and cocoa also edged higher.

 

SUGAR

* March sugar futures were up 0.2 cent or 1 percent at 19.88 cents a lb at 0831 GMT, rebounding from Wednesday's three-week low of 19.45 cents.

* Dealers noted that a large number of mills still open for crushing in Brazil should aid sugar production for the tail end of the crop, assuming weather remains favourable.

* Brazil's production accelerated in October, but rains that have already hit the main center-south growing region are set to make work difficult for mills in the coming weeks, cane industry association Unica said on Wednesday.

* New York March sugar may end the current rebound below a resistance at 19.98 cents per lb and then fall towards 18.93 cents, according to Reuters technicals analyst Wang Tao.

* December white sugar on Liffe was up $2.10 or 0.4 percent at $547.80 per tonne.

 

 
  

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