White Sugar #5 Dec '19 (SWZ19)
White Sugar #5 Futures Market News and Commentary
Oct NY world sugar #11 (SBV20) on Monday closed down -0.31 (-2.53%), and Oct London white sugar #5 (SWV20) closed down -5.20 (-1.46%).
Sugar prices on Monday closed lower on demand concerns and adequate supplies. The resurgence of the coronavirus in the U.S. may keep lockdowns in place for longer, which could reduce demand for most commodities, including sugar. The U.S reported that new virus infections climbed by a record 56,000 on Sunday, up +2% from Saturday. Confirmed cases of the virus have risen above 11.585 million globally, with deaths exceeding 517,000.
Weakness in the Brazilian real against the dollar also weighed on sugar prices as the real on Monday dropped -0.65% against the dollar. A weaker real encourages export selling from Brazil's sugar producers.
The outlook for ample supplies is a bearish factor for sugar prices. The Indian Sugar Mills Association (ISMA) on Jun 25 said that India's 2020/21 sugar production would climb +17.7% y/y to 32.01 MMT... Read more
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