DJ MARKET TALK: ICE March Sugar Higher As Commodities Rebound
Published: 02/08/2010, 4:20:08 PM
DJ MARKET TALK: ICE March Sugar Higher As Commodities Rebound 1113 EST [Dow Jones] - World raw sugar futures continue to trade higher as commodity markets bounce off Friday's lows. Sugar receives support from firm crude oil futures and a weak U.S. dollar index, with the market's bullish fundamentals also in play. Indian Prime Minister Manmohan Singh says Monday the country should remove barriers to expedite the processing of raw sugar. Uttar Pradesh has blocked supplies of imported raw sugar in order to protect local growers, leading to about 900,000 tons of imported raws stuck in Indian ports. India on Monday extended a deadline for tax-free white sugar imports to Dec. 31, 2010, from March 31, in order to meet a domestic production shortfall. India also reduced the period bulk sugar consumers are allowed to stock supplies to 10-15 days to discourage hoarding and help stem rising prices. ICE March sugar is up 77 points, or 2.9%, at 26.94 cents a pound. (TVS) Contact us in Chicago at 312-750-4075; tom.sellen@dowjones.com (END) Dow Jones Newswires 02-08-10 1113ET Copyright (c) 2010 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 FSN35629 ACTV COMMENTS FOOD GENERAL SUGAR 2010-02-08 16:13:35 UTC ^^^^^^