ICE sugar slips as stronger dollar stalls modest rebound
Published: 05/16/2018, 3:43:02 PM
ICE July raw sugar was down 0.07 cents, or 0.6%, at 11.45 cents per lb., according to Reuters.
Dealers said a stronger dollar had helped to stall the recent modest rebound in prices which had been driven partly by a switch of more use of cane for ethanol rather than sugar in both Brazil and Thailand.
They noted October’s discount to March SB-2=R had narrowed to about 86 points from around 108 points a week ago.
“The strength in the spread appears to reflect tighter availability of CS Brazilian raws around the October, with mills in the region looking to maximise their ethanol mix this season,” ING said in a market note.
ICE August white sugar rose US$0.10, or 0.03%, to US$322.50 a tonne.