DJ MARKET TALK: ICE Sugar Nears 5-Month Low; Sales On Dollar
Published: 03/09/2010, 3:40:02 PM
DJ MARKET TALK: ICE Sugar Nears 5-Month Low; Sales On Dollar 1030 EDT [Dow Jones] - ICE world raw sugar futures trading near five-month lows under pressure from technical selling and the stronger dollar, an analyst says. May sugar is down 88 points at 20.69 cents a pound, off the 20.53-cent intraday low and the contract's weakest point since Oct. 12. "Holding the 20.40-20.45 level is going to be key," says Boyd Cruel, senior softs analyst at Vision Financial Markets in Chicago. A close below that level would lead to more selling in the near term, Cruel says. However, the market is overbought and could move sideways-to-higher if futures hold support, he says. Ongoing European debt worries are boosting the dollar, which adds pressure to many commodities including crude oil and metals. Liffe May white sugar is down $27.10 at $562.70 a ton. (HEH) Contact us at 212-416-2138 or holly.henschen@dowjones.com (END) Dow Jones Newswires 03-09-10 1035ET Copyright (c) 2010 Dow Jones & Company, Inc. DJ info: 83928 N/DJCS,N/DJOS,N/OSAG,N/OSCM,N/OSOV,N/OSTR,N/ALMT,N/CMD,N/CMM,N/DJMT,N/DJWI,N/MK ,N/SCD,N/SGR FSN3928 ACOTV COMMENTS FOOD SUGAR 2010-03-09 15:35:12 UTC ^^^^^^