Mar 21 – Sugar No.11
Morning buying gave the market a shot in the arm to reverse yesterday’s weaker showing with a recovery to hold the 15.50 are by mid-morning. The bulls would have been looking for this to provide the platform for a push to test the new highs and contract high just above those, but they would have been disappointed as instead we experienced a session of pure apathy, struggling to move by far in either direction on low volumes. Overhead we found that each push into the 15.50’s was met with mild but sufficient scale selling to restrict gains despite a continuing lack of Brazilian pricing with the USDBRL holds in the vicinity of 5.30, while to the downside there was little action as longs simply hold their position. The upshot of all this was a technical inside day which concluded marginally firmer at 15.45 for March’21 but does little to inspire near term direction.
ICE Futures U.S. Sugar No.11 Contract
ICE Europe White Sugar Futures Contract
