Sugar #11 Mar '28 (SBH28)
Sugar #11 Futures Market News and Commentary
October NY world sugar #11 (SBV26) is down -0.03 (-0.17%) today, and October London ICE white sugar #5 (SWV26) is down -0.50 (-0.09%).
Sugar prices gave up an early advance today and turned lower on technical selling. With the sharp rally over the past two weeks, sugar prices have become extremely overbought, prompting profit-taking and long liquidation from commodity funds.
Sugar prices initially added to this week’s rally today, with NY sugar posting a 15-month high and London sugar posting a 16-month high. The prospects of tighter global supplies are underpinning sugar prices. On Tuesday, Bloomberg reported that India is considering cutting import duties on sugar to boost supplies and lower prices ahead of an expected surge in demand during festival season. The move is a further sign of the supply strain facing the global sugar market, as India is usually a sugar exporter and last imported sugar in substantial volumes during the 2017-18 season.
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