Today No.11 market opened at 19.88, down 1 point from previous settlement. Market found resistance which approaching 20c, the daily high was registered 1 hour after the opening, with low trading activity. By 10am, market lost some power coming back to the 19.80s. During the rest of the session, market basically kept trading sideways, in a slightly bearish mood, with intensified selling pressure, led by BRL depreciation. By 5 pm market was trading at 19.65 and it was at that point when selling activity got stronger, bringing prices down to the daily low of 19.28. Market settled at 19.38, 51 points down from previous settlement (-2.56%). Volume traded was 71.5k and spreads weakened after a number of stronger sessions. This down close consolidates 20c as a strong technical barrier that concentrates great deal of option open interest and requires attention.
Today white sugar market opened at USD 556.1, down USD 1.1 from previous session. Daily high was registered a small time after the opening at $559. By 10am, market was back down to $554.5, a level where it traded sideways until 5 pm, when selling pressure on no.11 acted on white sugar prices bringing market down to the daily low at USD 543.8 near close. There was some price recovery towards settlement at USD 546.8, a USD 10.4 loss from previous session close. Volume traded was 8k lots.
