ICE sugar and coffee futures were steadied with help from a softer dollar yesterday, after sharp slides the previous day, while cocoa firmed although potential for further rises was limited by abundant West African supplies. ICE benchmark raw sugar futures rose 0.24 cent or 1 per cent to 23.37 cents a pound at 1223 GMT, still below a seven-week peak of 24.65 cents per pound touched on Wednesday. Sugar futures sank more than 5 per cent on Thursday after hitting a wave of sell-stops. \"This extremely rapid slump points to selling by money managers, no doubt partly on the back of the very firm US dollar and compounded by news of expected rainfall in the Brazilian sugarcane plantations,\" Commerzbank said in a daily market report. Brazil is the world\'s top sugar producer. Article continues below Some dealers cited talk of index fund re-weighting in sugar, expected to start on Monday, which should result in net buying of the sweetener. Dealers said the market expected index funds to boost weightings of sugar after last year\'s price slide. Potential upside curbed Potential upside in sugar prices was limited by big crops in the EU, Russia, Ukraine, India and Thailand. \"There still seems little in the medium to long term story for the bulls out there fundamentally speaking as the northern hemisphere and particularly India and Thailand seemed destined to halt a significant rally,\" said Thomas Kujawa of broker Sucden Financial.
GMT 09:43 2018 Tuesday ,23 January
Global unemployment down but working poverty rampantGMT 15:13 2018 Sunday ,21 January
All you need to know about Davos 2018GMT 22:33 2018 Saturday ,20 January
Calls for action over dirty money flowingGMT 04:42 2018 Saturday ,20 January
Storm caused 90 mn euros in damage: Dutch insurersGMT 07:06 2018 Friday ,19 January
China economy rebounds in 2017 with 6.9% growthGMT 11:35 2018 Thursday ,18 January
'Massive' infrastructure spending needed in AfricaGMT 14:29 2018 Wednesday ,17 January
GE takes one-off hit of $6.2 bn linked to insurance activitiesGMT 18:55 2018 Tuesday ,16 January
London stock market edges to new highMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor