ICE sugar turns lower in thin volumes

Published: 07/10/2018, 9:58:38 PM

Sugar futures turned lowered on Monday as speculators spying hefty supplies sold into light volumes, according to Reuters.

ICE October raw sugar settled down 0.11 cent, or 0.96%, at 11.4 cents per lb.

Cane crush data from Brazil’s Centre-South region is due out this week, with expectations for reduced sugar supplies.

“The issue is that every time prices start to rise on talk of dry weather affecting yields, then there’s something else: Thailand gets ready to move its record crop or there’s indications of more supplies from India,” said Jack Scoville, a vice president with Price Futures Group in Chicago.

ICE October white sugar turned lower to settle down 40 cents, or 0.12%, at US$330.90 per tonne. Earlier in the session, nearby prices saw support from expectations of tight supplies of sugar that could meet necessary criteria to be tendered against the contract. The August contract expires on July 16.

Selling picked up throughout the session, leaving the premium of August futures over October at US$8.40 per tonne, down from US$9.60 previously. The spread was still near last week’s peak of US$12.50.