ICE raw sugar edges up from 8.5 month low
Published: 03/13/2018, 7:43:51 AM
ICE raw sugar edged up from the prior session's 8-1/2 month low, according to Reuters.
ICE raw sugar, arabica coffee and New York cocoa markets are opening an hour later than usual through March 23 due to the start of U.S. Daylight Savings Time.
ICE May raw sugar settled up 0.09 cent, or 0.7%, at 12.93 cents per lb, edging away from Friday's 8-1/2 month low of 12.75 cents.
Dealers said there were mixed signals on supply with more cane to be made into ethanol rather than sugar in Brazil, as well as poor crop weather in Europe, offset by rising output in India and Thailand.
May white sugar settled up US$2.10, or 0.6%, at US$359.40 per tonne.
The May premium over August LSUK8-Q8 rose as high as US$6.40, a 13-month high, before narrowing to around US$4.90.
"Refined whites exports out of the EU are said to be stalled for the time being due to very low prices and this is perhaps creating a (we feel temporary) reduction in deliverable refined sugar," Nick Penney, senior trader at Sucden Financial Research, said in a note.