Sugar Daily Fundamental Analysis

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The price of sugar futures on ICE Futures exchange New York weekend early Saturday (26.09) ended flat, only increased slightly.Dealers said the easing of buying began to hold two rallies sharp gains last week.

At the close of trading early on Saturday sugar futures for the most active contract is a contract in March 2017 closed up 0.03 percent, or 0.1 percent, 22.70 cents per pound, extending a rally in the previous session following the end with five percents. For the week, Sugar's futures price is still positive, up 1.02 percent on the forecast decline in production and the Fed's decision to keep interest rates remain this September.

Raw Sugar futures price estimated in New York rose to potentially further dollar weakness and also to test the resistance level at 23.20 cents and later 23.70 cents. While the level of support that will be tested if prices decline is at 22.20 cents and later 21.70 cents per pound.

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Sugar futures price on ICE exchange US in New York Tuesday morning (27/09) ended up triggered the estimated deficit in sugar production. Dealers said the market was supported forecasts weak end the destruction of cane this season in the key areas of Center-South of Brazil and the increase in the size of the global sugar deficit forecast by analysts Platts Kingsman.

Platts Kingsman on Monday raised its forecast for global sugar deficit anticipated in the 2016/17 season (October / September) from 570,000 tons to 6.45 million tons. At the close of trading early this morning the price of sugar futures for the most active contract is a contract in March 2017 was observed to increase. That contract surged by 0.42 cent, or the equivalent of 1.85 percent at 23.12 cents per pound.

Analyst estimates that the price movements of raw sugar futures in New York has potential to rise as concerns with production deficits and a weakening of US dollar. The price also has potential to test the resistance level at 23.60 cents. While the level of support that will be tested if prices decline is at 22.60 cents per pound

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Sugar futures prince on ICE futures in New York Wednesday morning (28/09) observed ended up soaring to the highe level. The increase in sugar prices approaching the 2012 peak last week and expand the overbought technical level as dealers focused on tight supplies, while the spread narrowed place before the end of October on Friday.

"I think the general view is our deficit has gone up for the next season starts on October 1 will get more and more common," said a trader in London. Spreading October / March SBV6-H7 discount narrowed as much as 0.42 cents from 0.58 percent on Monday.

At the close of trading early this morning the price of sugar futures for the most active contract is a contract in March 2017 was observed to increase. The most active price of sugar futures have closed jumped 0.32 cents, or equivalent to 1.38 percent at 23.44 cents per pound.Tonight will be released August Durable Goods Orders data is indicated weakened. If realized, it will weaken the US dollar.

Raw sugar futures price estimeated to have potential to rise amid the concerns with production deficits and a weakening US dollar. Prices of raw sugar futures on ICE Futures US in New York has the potential to test the resistance level at 24.50 cents. While support level which will be tested if prices is declining is at 23.00 cents per pound.

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The price of sugar futures on the commodity exchange ICE Futures US in New York early on Thursday (29/09) ended up triggered by increased imports of sugar India. India, the largest sugar consumer is also number two in the world, is likely to import 1 million tonnes of sugar in 2016-17 as production exceeds consumption, said a spokesman for Louis Dreyfus Commodities.

 

Head of the Indian Sugar Mills Association said the country's production is likely to fall below the level of consumption for the first time in seven years.At the close of trading early this morning the price of sugar futures for the most active contract is a contract in March 2017 was observed to increase. The most active price of sugar futures have closed jumped 0.34 cents, or equivalent to 1.35 percent at 23.78 cents per pound. This price is the highest level in more than four years

 

Tonight will US growth data released second quarter-final, which indicated rising. If realized, it will strengthen the US dollar. Analyst estimates that the price movements of raw sugar futures in New York next potentially weak by the strengthening US dollar. Prices of raw sugar futures has the potential to test the support level at 23.30 cents. While the level of resistance to be tested if the price increase is at 24.30 cents and 24.80 cents per pound.

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The price of sugar futures on the commodity exchange ICE Futures US in New York early on Friday (30/09) ended down triggered profit taking. Sugar prices fell on profit-taking, after the price of gold continued to rise this week. High sugar prices that have been exploited for profit taking.

At the close of trading early this morning the price of sugar futures for the most active contract is a contract in March 2017 observed decline. The most active price of sugar futures have closed lower by 0.43 cents or equal to 1.81 percent at 23.35 cents per pound. Tonight will be released the data Personal Income and Personal Spending indicated weakened. If realized, it will weaken the US dollar.

Analyst also estimated that the price movements of raw sugar futures in New York at the next trade potentially strengthened by the potential weakening of the US dollar. It seems that the price of raw sugar futures on ICE Futures has the potential to test the resistance level at 23.80 . While the level of support that will be tested if prices decline is at 22.30 cents per pound.

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The price of sugar futures on ICE Futures exchange New York weekend early Saturday (01/10) ended down triggered by an increase in the destruction of sugar cane in Brazil. The price of sugar is supported from a survey conducted by S & P Global Platts that it showed that the destruction of sugar cane is at 39.9 million, an increase of 34.5% from the previous year.

 

While sugar production of 2.4 million tons, according to UNICA, is smaller than what the S & P Platts had expected 2.62 million. In the season from 1 April to 16 September, plants in the region of 431.3 million tons of sugarcane crushing , up 7.9% from the same period the previous year. Sugar production rose 19.3% to 24.8 million tons, and the production of ethanol increased by 0.2% to 18.1 billion liters.

 

Although sugar production in Brazil is still on track to be a record this season, analysts have lowered expectations because of various incidents of weather and aging plants. At the close of trading early on Saturday Sugar futures' price observed decline. The most active price of sugar futures have closed lower by 1.50 percent at 23.00 cents per pound.

 

Analyst estimates that the price movements of raw sugar futures in New York at the next trade will weaken with the potential strengthening of the US dollar also has the potential to test support level at 22.50 cents and resistance level at  23.50 cents and 24.00 cents per pound.

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Sugar futures on ICE Futures US in New York Tuesday morning (04/10) ended down depressed by strengthening US dollar. US dollar index, which measures the dollar against a basket of currencies, rose 0.26 percent after growth in the US manufacturing sector returned to expansion in September.

A stronger dollar makes dollar-denominated commodities sugar becomes more expensive in other currencies, so the demand decreases. At the close of trading early this morning the price of sugar futures for the most active contract observed decline. The price of sugar futures have closed the most active dipped by 0.33 cents or equal to 1.43 percent at 22.67 cents per pound.

Raw sugar futures in New York at the next trade will weaken with the potential strengthening of US dollar. Prices of raw sugar futures on ICE Futures US in New York has the potential to test support at 22.20 cents and 21.70 cents. While the level of resistance to be tested if the price rise is at 23.20 cents and 23.70 cents per pound.

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The price of sugar futures on ICE Futures US in New York Wednesday morning (05/10) ended up triggered production deficit forecasts. A series of meetings in London this week, have included discussions about the estimated global deficit in both the 2015/16 and 2016/17. Mood of traders have been encouraged by the prospects for both global deficit in 2015/16 and 2016/17 seasons with the tight supply is expected to significantly during the first quarter of 2017.

At the close of trading early this morning the price of sugar futures for the most active contract is a contract in March 2017 was observed to increase. The price of sugar futures have closed the most active surged by 0.59 cents, or equivalent to 2.60 percent at 23.26 cents per pound

Analyst estimates that the price movements of raw sugar futures in New York next potentially weak by the strengthening US dollar.and has the potential to test the support level at 22.75 cents. While the level of resistance to be tested if the price increase is at 24.25 cents per pound.

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The price of sugar futures on ICE Futures US in New York early on Thursday (06/10) ended up triggered fears of deficit production in India and Brazil. Production in India is expected to fall about 10 percent from a year ago as higher production in Uttar Pradesh were offset by lower production expected in Maharashtra and Karnataka.

Brazil's latest estimates for the processing of sugar cane has been at the lower end of the 605-630 million tons estimated by the Sugar Cane Industry Association of Brazil at the beginning of the season in April, and this decreased from last year 617juta tons. While the outlook for demand for sugar rose after Egyptian Prime Minister said the country will import 400,000 tonnes of sugar.

At the close of trading early this morning the price of sugar futures for the most active contract is a contract in March 2017 was observed to increase. The price of sugar futures have closed and surged by 0.55 cents, equivalent to 2.36 percent at 23.81 cents per pound. 

The price movements of raw sugar futures has potential to rise with the weakening US dollar. Raw Sugar futures on ICE Futures has the potential to test the resistance level at 24.30 cents. While the support level which will be tested at 23.30 cents and 22.80 cents per pound.

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The price of sugar futures on the commodity exchange ICE Futures US in New York early on Friday (07/10) ended sharply lower hampered by the strengthening US dollar. US dollar rose to its highest in more than two months against a basket of currencies after a drop in US jobless claims reinforced the view that the Fed will raise interest rates later this year.

A stronger dollar makes dollar-denominated commodities sugar becomes more expensive in other currencies, so the demand decreases. But overall the market remains bullish triggered guka production concerns in Brazil, India and Thailand. Thailand's production of sugarcane planting year 2016/2017 are expected to fall 3.2 percent due to widespread drought that will attract refined sugar production is lower as well, the government agency said on Wednesday.

Renewed concerns about Thailand has added to concerns that exist about the sugarcane production is falling in India and South-Central region of Brazil. At the close of trading early this morning the price of sugar futures for the most active contract is a contract in March 2017 observed decline. The price of sugar futures have closed the most active dipped by 0.70 cents or equal to 2.94 percent at 23.11 cents per pound.

Tonight will be released the data the US Non Farm Payrolls September indicated increased. If realized, it will strengthen US dollar. Raw sugar futures in New York at the next trade will weaken with the potential strengthening of US dollar. It has the potential to test the support level at 22.60 cents and 22.10 cents. While the level of resistance to be tested if the price increase is at 23.60 cents and 24.10 cents per pound.

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Sugar futures prices closed up at the end of the ICE Futures exchange weekend early Saturday (10/10). Commodity prices have strengthened by supported US Dollar weakness.  The US dollar index fell 0.17 percent after weak US jobs data, eclipsing the expected increases in US interest rates in the near future.

 

A weakening US dollar makes dollar-based commodities sugar became cheaper in other currencies. At the close of early trading on Saturday, the price of sugar futures for the most active contract was observed to rebound. Sugar futures price closed up 0.31 cents, or equivalent to 1.34 percent at 23.42 cents per pound.

 

Sugar futures for the next trade is projected to rise after the waning of US interest rate hikes. Prices of raw sugar futures on ICE Futures in New York has the potential to test resistance level at 23.90 cents and 24.40 cents. While suport to be tested if price declined at 22.90 cents and 22.40 cents.

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The price of sugar futures on ICE Futures US in New York Tuesday morning (11/10) ended sharply lower triggered by the strengthening US dollar. The US dollar rose to its highest in more than two months against a basket of currencies after a drop in US jobless claims reinforced the view that the Fed will raise interest rates later this year.

 

A stronger dollar makes dollar-denominated commodities sugar becomes more expensive in other currencies, so the demand decreases. At the close of trading early this morning the price of sugar futures for the most active contract is a contract in March 2017 observed decline. The price closed the most active dipped by 0.29 cents at 23.13 cents per pound.

 

Analyst estimates that the price movements of raw sugar futures in New York at the next trade will weaken with the potential strengthening of the US dollar and has the potential to test the support level at 22.60 cents and 22.10 cents. While resistance level which will be tested if decline is at 23.60 cents and 24.10 cents per pound.

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The price of sugar futures on the commodity exchange ICE Futures US in New York early on Thursday (13/10) ended sharply lower triggered by the strengthening US dollar. A stronger dollar makes dollar-denominated commodities sugar becomes more expensive in other currencies, so the demand decreases.

At the close of trading early this morning the price of sugar futures for the most active contract is a contract in March 2017 observed decline. The price of sugar futures have closed the most active dipped by -0.14 cents or equal to -0.60 percent at 23.15 cents per pound.

Sugar futures price in New York at the next trade will weaken with the potential strengthening of US dollar. It also has potential to test the support level at 22.65 cents and 22.15 cents. While the level of resistance to be tested if the price increase is at 23.65 cents and 24.15 cents per pound.

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Sugar futures on the commodity exchange ICE Futures US in New York early on Friday (14/10) ends slump triggered profit taking. The decline in sugar prices to ignore the positive sentiment as the weakening US dollar, strengthening of the Brazilian Real, as well as higher crude oil prices.

Profit taking continues utilize sugar levels on a monthly basis jumped 9 percent, prompting traders cashed in profits. At the close of trading early this morning the price of sugar futures for the most active contract observed decline. Sugar's futures have closed and dipped by 0.23 cents or equal to 0.99 percent at 22.92 cents per pound.

It estimated that the price of Sugar will keep falling further on the next session. Prices of raw sugar futures on ICE Futures US in New York has the potential to test the support level at 22.40 cents. While the resistance to be tested if the price increase is at 23.40 cents and 23.90 cents per pound.

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The price of sugar futures on ICE Futures US in New York early Saturday (15/10) ended lower, triggered the latest industry report showed factory Brazil produces more sugar than expected in the second half of September. A survey conducted by the S & P Global Platts showed that sugar production was expected to grow 21% to 2.89 million tonnes.

 

Weakening prices also supported as a report that said UNICA Brazilian mills crush 42.3 million tons of sugarcane, an increase of 4%, compared with an estimated 43.2 million tonnes Platts. Although sugar production in Brazil is still on track to be a record this season, some analysts have recently lowered their expectations due to various factors such as weather and aging plants.

 

At the close of trading early this morning the price of sugar futures for the most active contract is a contract in March 2017 observed decline. The most active price of sugar futures have closed down slightly by -0.01 cents or equal to -0.04 percent at 22.91 cents per pound.

 

Analyst estimates that the price movements of raw sugar futures in New York at the next trade would be potentially weakened by the strengthening US dollar and has the potential to test support level at 22.40 cents and 23.90 cents. While the resistance level to be tested if the price increase is at 23.40 cents and 23.90 cents per pound.

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The price of sugar futures on the commodity exchange ICE Futures US in New York Tuesday morning (18/10) ended up triggered expectations of an increase in Indian imports. The increase in the price of sugar futures boosted by hopes that top consumer India will import sugar to meet production deficits that increase the price of white sugar, after a meeting between the government and the commissioner of Indian cane sugar producing areas in India.

 

At the close of trading early this morning the price of sugar futures for the most active contract is a contract in March 2017 was observed to increase. The price of sugar futures closed up the most active rose 0.25 cents, or equivalent to 1.09 percent at 23.16 cents per pound. Tonight will be released September US inflation data indicated increased. If realized, it will strengthen the US dollar.

 

Analyst estimates that the price movements of raw sugar futures in New York at the next trade will weaken with US dollar strengthening. Prices of raw sugar futures on ICE Futures US in New York has the potential to test support level at 22.70 cents. While the resistance level at 23.70 cents and 24.20 cents per pound.

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The price of sugar futures on the commodity exchange ICE Futures US in New York Wednesday morning (19/10) ends slump triggered by the increased production of sugar cane. Brazil's largest manufacturer of sugar cane is expected to produce about 2 million tons of sugar and import high volumes of ethanol next year because the plant tends to allocate more cane to produce sweetener, according to Datagro consultancy said on Monday (17/10), told Business Recorder on Tuesday (18 / 10).

 

At the close of trading early this morning the price of sugar futures for the most active contract is a contract in March 2017 observed decline. The price of sugar futures have closed the most active dipped by -0.14 cents or equal to -0.60 percent at 23.02 cents per pound.  Tonight will be released the data Building Permits and Housing Starts September indicated ride. If these results are realized, it will strengthen the US dollar.

 

Raw sugar futures in New York at the next trade will weaken with the potential strengthening of the US dollar. Prices of raw sugar futures on ICE Futures US in New York has the potential to test the support level at 22.50 cents and 22.00 cents.

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The price of sugar futures on the commodity exchange ICE Futures US in New York early on Thursday (20/10) ended weaker triggered expectations of increased production of sugar India. The sugar factory in top producer Maharashtra in western India is allowed to start operation of 5th November, almost a month earlier than the date of commencement earlier, a senior government official told Reuters.

 

At the close of trading early this morning the price of sugar futures for the most active contract is a contract in March 2017 observed decline. The price of sugar futures have closed the most active dipped by 0.07 cents or equal to 0.30 percent at 22.95 cents per pound.

 

Raw sugar futures in New York at the next trade will weaken with the potential strengthening of US dollar. The prices of also have the potential to test suport level at 22.50 cents. While the level of resistance to be tested if the price increase is at 24.00 cents per pound.

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Sugar futures on the commodity exchange ICE Futures US in New York early on Friday (21/10) ended sharply lower triggered by the strengthening US dollar. US dollar index hit a seven-month high against a basket of currencies and a three-month peak against the euro after the European Central Bank kept interest rates unchanged.

 

A stronger dollar makes dollar-denominated commodities sugar becomes more expensive in other currencies, so the demand decreases. At the close of trading early this morning the price of sugar futures for the most active contract is a contract in March 2017 observed decline. The price of sugar futures have closed the most active dipped by 1.44 percent at 22.62 cents per pound.

 

Analyst estimates that the price movements of raw sugar futures in New York at the next trade will weaken with the potential strengthening of the US dollar also it has the potential to test the support level at 22.10 cents. While resistance level to be tested if the price rise is at 23.10 cents and then 23.60 cents per pound.

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The price of sugar futures on ICE Futures exchange New York at the weekend early Saturday (21/10) ended up triggered an increase in Chinese imports. China imported 500,000 tons of sugar in September, the highest since December and more than what analysts expected in the world's top buyer showed on Friday.

 

At the close of trading early on Saturday was the price of sugar futures for the most active contract is a contract in March 2017 was observed to increase. The price of sugar futures the most active closed up 0.09 cents, or equivalent to 0.40 percent at 22.71 cents per pound. In the weekly price of sugar fell 0.87 percent, the majority of depressed strengthening US dollar and increased production of India.

 

Raw sugar futures according to the analyst  in New York at the next trade will weaken the US dollar strengthening. Prices of raw sugar futures on ICE Futures US in New York has the potential to test the support level at 22.20 cents and then towards 21.70 cents. While resistance level to be tested if there is increment for this pair is at 23.20 cents and 23.70 cents per pound.

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The price of sugar futures on the commodity exchange ICE Futures US in New York Tuesday morning (25/10) ended up triggered short covering.  The price of ICE raw sugar futures rose on Monday as short-covering and technical buying after a sell-off last week, market participants are not sure about the certainty of the price even further.

 

At the close of trading early this morning, Sugar futures for the most active contract is a contract in March 2017 was observed to increase. The price of sugar futures closed up the most active surged by 0.49 cents, or equivalent to 2.16 percent at 23.20 cents per pound. Tonight will be released house price data in August and CB Consumer Confidence is expected to decline in October. If realized could weaken the US dollar

 

Price movements of raw sugar futures in New York at the next trade limited the potential to strengthen the weakening US dollar and has the potential to test the resistance level at 23.70 cents. While support that will be tested if prices decline is at 22.20 cents per pound.

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The price of sugar futures on the commodity exchange on ICE FuturesWednesday morning ended sharply lower triggered by the strengthening US dollar. The dollar reached its highest level in nearly eight months against other currencies amid growing expectations that the Federal Reserve will raise interest rates in December

A stronger dollar makes dollar-denominated commodities sugar becomes more expensive in other currencies, so the demand decreases. At the close of trading early this morning the price of sugar futures dipped by -0.27 cents or equal to -1.16 percent at 22.93 cents per pound.

Raw sugar futures in New York at the next trade limited the potential to strengthen the potential weakening of US dollar. It has the potential to test resistance level at 23.40 cents. While support to be tested if price fall is at 21.90 cents per pound.

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The price of sugar futures on the commodity exchange ICE Futures US in New York on Thursday morning (27/10) deteriorated, eroded by the weakening of crude oil prices.

 

Crude oil prices fell nearly 2 percent in late trading Thursday morning (27/10) after increasing doubt OPEC will cut production, defeating positive sentiment weekly decline in US crude oil inventories reported by the US government.

 

At the close of trading early this morning the price of sugar futures for the most active contract is a contract in March 2017 was decreased. The price of sugar futures most active is closed down by -0.26 cents, equivalent to -1.13 percent at 22.67 cents per pound.

 

The price movement of raw sugar futures in New York on trade will weaken further limited by the strengthening US dollar. Price has potential to test suport level at  22.20 cents and 21.70 cents. While the level of resistance to be tested if the price drop is at 23.70 cents per pound.

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Sugar futures on ICE Futures exchange New York on the weekend of Saturday morning (31/10) ended weak Chinese imports triggered a decline. The US Department of Agriculture's Beijing bureau has recently cut its forecast for China's sugar imports in 2016-17 to six million tons, 1.9 million below the official USDA forecast. In annual terms, China has imported 2.62 million tons of sugar, compared to 4.85 million in 2015, according to official data.

 

At the close of trading early on Saturday was the price of sugar futures for the most active contract dipped by -0.43 cents or equal to -1.47 percent at 22.16 cents per pound. These results further weakens the price of sugar on a weekly basis, which slumped -2.42 percent. The decline largely influenced by a stronger dollar and weaker crude oil.

 

Raw sugar futures in New York at the next trade will weaken by US dollar strengthening. Prices of raw sugar futures on ICE Futures US in New York has the potential to test the support level at 21.65 cents and 21.15 cents. While the level of resistance to be tested if the price increase is at 22.65 cents and 23.15 cents per pound.

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Sugar futures on the commodity exchange ICE Futures US in New York Tuesday morning (01/11) ended weak action triggered speculators cut long positions bullish. The latest Commodity Futures Trading Commission showed that speculators once again cut their bullish bets on sugar, decreased the size of their long-term net position.

News production on Brazil failed to stop the decline in prices. Analysts had been anticipating the sugar production in the first half of October reached 2.3 million tons in the center-south region of Brazil, which produces 90% of the sugarcane country. Brazil is the world's largest producer of raw sugar.

Brazilian industry group Unica said the center-south mills crush 32 million metric tons of sugarcane, a decrease of 11.9% from the same period the previous year. At the close of trading early this morning, Sugar futures for the most active contract dipped by -0.59 cents or equal to -2.66 percent at 21.57 cents per pound.

Sugar futures in New York at the next trade will weaken the US dollar strengthening. Prices of raw sugar futures on ICE Futures US in New York has the potential to test the support level at 21.10 cents and the break 20.60 cents.