ICE sugar slides in line with other commodities
Published: 12/07/2017, 8:08:06 AM
Sugar futures fell sharply Wednesday as part of a broad sell off across the commodity complex, according to Dow Jones.
Raw sugar for March was down 3%, to end at 14.45 cents a pound, on the ICE Futures U.S. exchange, the lowest close since Nov. 3.
"All major commodities were on the defensive today with only natural gas closing around unchanged and gold rallying 0.1%," ED&F Man Capital Markets said in a note.
Once the Goldman Sachs Commodity index broke a key support level, that seemed to spur on some selling in commodities on a general basis, the firm noted, with the moves led by a sharp drop in gasoline and crude.
Sugar is among the agricultural commodities most closely tied to energy markets at sugarcane producers are able to convert cane to either sugar or ethanol.