ICE sugar rises above lows
Published: 08/11/2017, 3:23:41 PM
Raw sugar futures edged higher on Friday, as light short-covering helped prices climb off lows touched a day earlier, according to Reuters.
October raw sugar was up 0.10 cent or 0.76% at 13.34 cents per lb by 1135 GMT.
Dealers said the market was supported by speculative short-covering, after prices tumbled nearly 3% to their weakest since June 29 in the previous session.
Support was seen as fragile, however, with dealers noting prices need to close above recent lows to pave the way for a recovery.
"A breach of this level would help to confirm the outlook of lower prices," said Geordie Wilkes of Sucden Financial in a market note.
The market's focus was on the Brazilian harvest, with cane industry group Unica set to release Centre-South cane crush figures for the second half of July around 1300 GMT on Friday.
An S&P Global Platts survey of analysts forecast a record crush of 50.69 million tonnes, up 2.6% on the year.
Brazilian mills are expected to have allocated 50.4% of the cane to sugar, producing 3.39 million tonnes of the sweetener.
October white sugar was also up US$2.30, or 0.63%, at US$368.80 a tonne, having earlier slipped to its lowest since September 2015.