DJ MARKET TALK: ICE Sugar Trims Losses; Firm Dollar,Strong Crude
Published: 03/10/2010, 5:00:04 PM
DJ MARKET TALK: ICE Sugar Trims Losses; Firm Dollar,Strong Crude 1158 EST [Dow Jones] - ICE world raw sugar futures are trimming losses from seven-month lows as the weaker dollar supports crude, an analyst says. May sugar is down 40 points at 19.91 cents a pound, off the 18.82-cent low. Sugar often takes cues from crude oil prices as ethanol is an alternative use of sugar cane. Commodities often advance amid the weak dollar as it makes futures less costly in other currencies. The sugar market is crawling back from steep losses made as outlooks for a tight world sugar supply situation ease ahead of an incoming crop."If we can close over 19 cents [basis May] today, it's going to look pretty optimistic that we made a bottom," Cordier says. Liffe May white sugar is down $18.20 at $537.10 a ton. (HEH) Contact us at 212-416-2138 or holly.henschen@dowjones.com (END) Dow Jones Newswires 03-10-10 1159ET 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 FSN46688 ACTV COMMENTS FOOD GENERAL SUGAR 2010-03-10 16:59:01 UTC ^^^^^^