ICE sugar fell under pressure of giant surplus
Published: 05/04/2018, 7:47:20 AM
ICE raw sugar fell Thursday as ample global supplies remained in focus, according to Reuters.
ICE July raw sugar settled down 0.06 cent, or 0.5%, at 11.69 cents per lb.
Prices fell sharply in the prior session in tandem with white sugar, after India approved plans to subsidize its cane farmers, which could pave the way for exports to the world market.
Focus remained on a global supply glut, with commodity analyst Green Pool forecasting a combined sugar surplus of almost 25 million tonnes for the 2017/18 and 2018/19 seasons.
The "very large addition to production has only had a small offset from the consumption side of the equation, leading to a blowout in stock levels," the analyst said.
ICE August white sugar settled down 30 cents, or 0.1%, at US$323.50 per tonne.