Raw sugar futures settled essentially unchanged after moving in a wide range on Friday as pre-weekend buying emerged after initial weakness based on a stronger dollar and tumbling oil prices, traders said. The October sugar contract ended flat at 14.14 cents per lb, unchanged from Thursday's close. Trading range from 13.87 to 14.18 cents.
March rose 0.08 cent to 15.61 cents, trading from 15.34 to 15.62 cents. Volume traded in the October contract was at a modest 31,558 lots at 2:27 pm EDT (1827 GMT). Dollar strength and weakness of soft commodities across the board initially took a toll on buying momentum in the sugar market - trader. Profit taking seen in early trading following the previous session's 3 percent gains, but buying related to position squaring ahead of the weekend helped - traders.
Sugar's near-term direction depends on developments in the currency and energy markets, rather than its own market fundamentals - trader. India has no plan to ban sugar exports but is considering a suggestion to remove export incentives in an attempt to raise domestic supplies and tame rising prices - senior government official.
Indian sugar futures ended down on Friday after an official said the government was considering plans to scrap a subsidy for sugar exports to curb rising domestic prices. Volume traded Thursday in the entire No 14 sugar market was at 40 lots, exchange data showed.
Comments
Comments are closed.