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Raw sugar was down 0.04 cents i.e. 0.3 % at 12.31 cents per lb as the market continued to float above last week’s 2-1/2 year low of 12.8 cents.
The market was keeping a close watch on Brazil’s real currency and any renewed weakness could aggravate more selling by producers.
Fundamentals remained bearish with the market set for global surpluses in both 2017/18 and 2018/19 said dealers.
The sugarcane industry of Brazil aimed at policies initiated by Pakistan & India to safeguard local producers & boost sugar exports arguing
asserting that those measures could further depress global prices.
May white sugar, which expires at the end of next week, fell $1.10, or 0.3 percent, to $349.10 a tonne.