⛏Sugar No.11 Futures
SUGAR
▼ NegativeSupplyrelevance
Technical selling and long liquidation push prices lower despite underlying supply concerns from weak monsoon in India and El Niño.
Impact on assets 1
Others
Sugar prices turned lower today as the recent rally pushed prices into overbought territory, sparking technical selling and long liquidation. NY sugar posted an 8-week high today, while London sugar hit a 10-month high, before both contracts gave up early gains. October NY world sugar #11 fell 0.02 cents, or 0.13%, and August London ICE white sugar #5 dropped $11.30, or 2.31%. The pullback comes despite bullish supply concerns, including weak monsoon rains in India that could reduce the sugarcane harvest in the world's second-largest producer, and an El Niño event that threatens to curb rainfall across Brazil, India, and Thailand.
Technical selling and long liquidation push prices lower despite underlying supply concerns from weak monsoon in India and El Niño.