ICE sugar ends below 12 cents as market remains strongly bearish
Published: 04/17/2018, 8:37:18 AM
ICE May raw sugar settled down 0.10 cent, or 0.8%, at 11.98 cents per lb., according to Reuters.
"Short-term supply remains strongly bearish. The seasonal rainfall outlook for India remains around/slightly above average which should allow for good levels of production," Marex said in a market note, referring to the harvest in the world's top consumer and a major global producer.
ICE August white sugar settled up US$1.60, or 0.47%, at US$340.60 per tonne.
Commodities trader ED&F Man bought 140,750 tonnes of white sugar against the May ICE contract which expired on Friday, according to the company and exchange data, confirming earlier trade reports.