DJ MARKET TALK: ICE Sugar Drops To 8-Mo Low; Charts Look Bearish
Published: 03/16/2010, 5:00:02 PM
DJ MARKET TALK: ICE Sugar Drops To 8-Mo Low; Charts Look Bearish 1252 EDT [Dow Jones] - ICE world raw sugar futures are trading off 8-month lows as the technical selling pressures prices. May sugar is down 106 points at 18.33 cents a pound, off the 18.30 low. Despite bullish outside market influences, including the weak dollar and generally stronger commodities prices, sugar's trend has turned lower to the point that a short covering bounce is not likely without 5-7 days of stable trade, Smith says. Lack of buying interest from sugar end-users adds to losses, analysts say. Liffe May white sugar is down $17.30 at $523.70 a ton. (HEH) Contact us at 212-416-2138 or holly.henschen@dowjones.com (END) Dow Jones Newswires 03-16-10 1255ET 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 FSN60603 ACTV COMMENTS FOOD GENERAL SUGAR 2010-03-16 16:55:44 UTC ^^^^^^