ICE sugar holds steady following 8-month low
Published: 03/14/2018, 4:29:31 PM
ICE May raw sugar was up 0.02 cent, or 0.2%, at 12.64 cents per lb., according to Reuters.
The front month fell to 12.53 cents on Tuesday, equalling a low set in June 2017. A break below that level would take prices down to their weakest level since Feb. 2016.
"We suspect that old low will not prove to offer any more than modest resistance so new lows are probably coming," Commonwealth Bank of Australia analyst Tobin Gorey said in a market note.
Dealers said rising production in India and Thailand was keeping the market on the defensive although a decline in output in Brazil should limit an expected build up in stocks.
ICE May white sugar rose US$0.70, or 0.2%, to US$354.40 per tonne.