ICE sugar falls to a new 20-month low as global production outlook improves
2024-07-24 23:40:33
Gold Ten Futures, July 25, according to foreign media reports, the Intercontinental Exchange (ICE) 's No. 11 crude sugar futures fell for the seventh consecutive session on Wednesday, in which the benchmark contract closed down 1.38%, hitting a new 20-month low, as the outlook for Asian production is optimistic, while technical indicators are weak. Traders said that despite market concerns about the output of the top sugar producer Brazil and the proportion of sugar cane used for sugar extraction, the outlook for crops in the northern hemisphere has improved due to favorable monsoon rains, weighing on sugar prices. A U.S. dealer said that Asian production growth will outweigh any loss of Brazilian production. Broker StoneX on Wednesday confirmed a positive outlook for Thailand, India and Pakistan, but cut its sugar production forecast for Brazil by nearly 2 million tons.
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