NEW YORK/LONDON (Reuters) – Raw sugar futures closed broadly flat on the ICE exchange on Friday after hitting their highest prices in 11-and-a-half years in the previous session.
SUGAR
* Raw sugar for May was practically stable, as it expired this Friday at 26.99 cents per pound. The contract gained 8.7% for the week.
* Dealers say the market is likely to correct in the near term given the overall negative macroeconomic environment for commodities.
* Chinese trader COFCO delivered 900,000 tonnes of raw sugar to ICE when the May contract expired, accounting for almost all of the volume delivered.
* Sugar has been boosted recently by lower-than-expected production in India, Thailand, China and the European Union, while the harvest in Brazil, the biggest producer, is slowed by rains.
* In addition, producers and specialists reduced their production expectations for the current sugar harvest in Mexico by 10%, after months of drought.
* August white sugar fell $8.50, or 1.2%, to $711.60 a tonne, but gained 5.2% for the week.
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