New York: Raw sugar futures on ICE experienced an uptick on Friday, despite the spot contract recording a 6.9% decline for the week. The market faced pressure from heightened supplies in leading producer Brazil and the anticipation of increased output in India.
The March raw sugar settlement (SBc1) exhibited a positive trend, closing up by 0.33 cents, or 1.4%, at 23.36 cents per lb. This rebound followed a dip to a four-month low of 22.80 cents on Thursday, with the contract witnessing a significant loss of nearly 14% over the past two weeks.
Dealers noted that India’s directive instructing sugar mills to concentrate on sugar production, rather than utilizing cane juice or syrup for ethanol, had a nuanced impact. Contrary to bearish expectations, the directive, while limiting exports, did not dampen market sentiment as much as initially perceived.
In a related development, March white sugar (LSUc1) experienced a 1.3% rise, reaching $654.40 per metric ton, reflecting additional dynamics in the global sugar market.
