DJ MARKET TALK: ICE Sugar Drops On Weak Charts, Incoming Supply
Published: 03/10/2010, 1:20:04 PM
DJ MARKET TALK: ICE Sugar Drops On Weak Charts, Incoming Supply 0815 EST [Dow Jones] - ICE world raw sugar futures are trading near fresh seven-month lows as a weak technical outlook prompts liquidation, an analyst says. May sugar is 95 points lower at 19.37 cents a pound, off the 18.82-cent low. "Given the terrible technical look of the market it's very hard to attract buyers right now," says Sterling Smith, market analyst at Country Hedging in St. Paul, Minn. Expectations for new supplies from Brazil are also deflating bullish ideas, Smith says. The market is extremely oversold, however, and a short-covering bounce is not out of the question, he says. Liffe May white sugar is down $26.80 at $528.50 a ton. (HEH) Contact us at 212-416-2138 or holly.henschen@dowjones.com (END) Dow Jones Newswires 03-10-10 0818ET 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 FSN53903 ACTV COMMENTS FOOD GENERAL SUGAR 2010-03-10 13:18:50 UTC ^^^^^^