DJ MARKET TALK: ICE Sugar Eases On Profit Taking
Published: 07/02/2009, 1:10:08 PM
DJ MARKET TALK: ICE Sugar Eases On Profit Taking 0800 EDT [Dow Jones] - ICE sugar futures are trading lower on profit-taking as it follows the London Liffe market down. Oct sugar last traded 18 points lower at 17.57 cents per pound. Traders say the market is consolidating after Oct reached a contract high of 18.09 cents on Tuesday. Liffe white sugar traded $3.80 lower at $455.80 per ton. Meanwhile, Indian refiners may not be able to switch to increased use of ethanol because of a plunge in sugar output to a four-year low, according to Dow Jones in Mumbai. Refined sugar prices in the country have risen almost 70% in the current crop year that began Oct. 1 as output fell to 14.7 million metric tons compared with the record of 28.5 million tons clocked in 2006-07. Production next year may be lower than an industry estimate of 20 million tons. (AMC) Contact us in Chicago at 312-750-4075 (END) Dow Jones Newswires 07-02-09 0806ET Copyright (c) 2009 Dow Jones & Company, Inc. DJ info: 61025 N/DJCS,N/DJOS,N/OSAG,N/OSCM,N/OSTR,N/ALMT,N/CMD,N/CMM,N/DJMT,N/DJWI,N/MKT,N/SCD N/SGR FSN44946 ACTV COMMENTS FOOD GENERAL SUGAR 2009-07-02 12:06:18 UTC ^^^^^^