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News


As sugar prices rise, focus remains on India's exports
Date: 21 Sep 2018
Source: The Business Line
Reporter: Reuters
News ID: 34571
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Raw sugar futures rose on Thursday boosted partly by indications that exports from India may take place slightly later than had been expected while coffee and cocoa prices were also higher.

SUGAR

* October raw sugar was up 0.21 cent, or 1.95 percent, at 10.97 cents per lb at 1125 GMT.

 

* India will consider various proposals to support the sugar industry, including incentives for exports, at next week's cabinet meeting. The proposals were supposed to be discussed on Wednesday.

* "The market has been reacting to both strength in the Brazilian real and news that the meeting on Indian exports of five million tonnes bore no fruit yesterday," said Darren Stetzel, commodity broker at INTL FCStone in Singapore.

* "While there will be some fluctuation in price from now until next Wednesday, in the next fortnight we anticipate further downside from current levels, with a potential testing of 10 cents per lb," Stetzel added.

* Dealers also noted October's discount to March had been narrowing ahead of the former contract's expiry later this month with talk that funds may be rolling forward short positions.

* December white sugar was up $1.30, or 0.4 percent, at $331.50 a tonne.

 
  

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