Wednesday's ICE US #11 raw sugar futures market continued to explore, and market turnover was depressed. The May contract settled at 26.58 cents/lb and fell 58 points throughout the day. The July contract closed at 24.65 cents/lb and fell 60 points throughout the day.
Dealers said that the day of weak performance on the disk, the price fell unilaterally, did not decent in the session. After a sharp rebound last week, the disk failed to continue its upward trend, and some speculators chose to take profit to lower the board. At present, most traders have already left the market and wait for the start of the new crop season in Brazil, thus limiting the interest in the sugar market.
Morgan Stanley analysts believe that India’s approval to export 500,000 tons of sugar has pressured the sugar market, which will help ease the short-term supply shortage. This is the country’s first export for three years and it is estimated that it may increase further after the expected production is confirmed. The International Sugar Group believes that the tight supply situation in the latter part of the crop season is still difficult to solve because of Australia's production cut due to bad weather, and Brazil's production prospects and logistics are still uncertain.
(Close price: ICE cents/lb, LIFFE USD/ton)
New York 11# Sugar Price Fluctuations Range London 5# Sugar Prices Change May 26.58-0.58 26.50-27.50 May 687.90-12.50
July 24.65-0.60 24.55-25.54 August 653.60-12.40
Dealers said that the day of weak performance on the disk, the price fell unilaterally, did not decent in the session. After a sharp rebound last week, the disk failed to continue its upward trend, and some speculators chose to take profit to lower the board. At present, most traders have already left the market and wait for the start of the new crop season in Brazil, thus limiting the interest in the sugar market.
Morgan Stanley analysts believe that India’s approval to export 500,000 tons of sugar has pressured the sugar market, which will help ease the short-term supply shortage. This is the country’s first export for three years and it is estimated that it may increase further after the expected production is confirmed. The International Sugar Group believes that the tight supply situation in the latter part of the crop season is still difficult to solve because of Australia's production cut due to bad weather, and Brazil's production prospects and logistics are still uncertain.
(Close price: ICE cents/lb, LIFFE USD/ton)
New York 11# Sugar Price Fluctuations Range London 5# Sugar Prices Change May 26.58-0.58 26.50-27.50 May 687.90-12.50
July 24.65-0.60 24.55-25.54 August 653.60-12.40
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