17 Raw sugar futures closed down due to expected increase in Indian supply
Date：7, 18, 2018Hits：5
ICE has fallen, amid expectations of increased supply in India and a softening of the real.
ICE's original sugar futures contract closed down 0.01 cents, or 0.1 %, at 11.13 cents per pound in October.
In its preliminary estimate report, the Indian Sugar Factory Association(ISMA) estimated that India's sugar production in 2018/19(starting in October) will increase by one tenth to a record high of 35.5 million tons. Due to the increase in planting area and the increase in crop yields in the main producing areas of Uttar Pradesh and Mahalashitelabang.
The sugar futures contract closed down $4, or 1.2 per cent, at $326.30 a tonne in October.
Earlier, the weakness of the Brazilian currency, the real, against the dollar, also put some pressure on prices.
From: Guangxi Sugar Network
