Sugar Futures Lose Early Luster To Extend The Down Moves
Raw sugar futures pared earlier gains after falling sharply on Wednesday. The decline was partly due to the fact that funds pulled back long positions as the market had to digest a large delivery against the whiles contract. Meanwhile, market sources reported that output from Centre-South Brazil was higher than expected.
Industry group Unica on Wednesday said that sugar production in the Centre-South of Brazil was 2.05 million tons in the second half of October. The figure is near the top of a range of forecasts of around 1.9 million to 2.08 million.
Also adding to the bearish mood, exchange data showed an amount of 535,850 tons of sugar delivered after the expiry of the ICE December contract. That is the largest delivery in more than nine years.
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