ICE July sugar futures up as market waits for fresh news
Published: 04/20/2017, 4:27:37 PM
ICE July raw sugar was up 0.15 cent, or 0.9%, at 16.67 cents a lb, according to Reuters.
The market recouped some of the prior session's losses, with prices moving back towards the middle of this month's range of 16.20 to 17.26 cents a lb.
Dealers said the medium-term downtrend remained intact.
"The funds seem to be comfortable with their short at present and the sugar bears are yet to have a 'story' to panic them. We await fresh news and expect the market to continue sideways to lower," said Tom Kujawa, co-head of the softs department at Sucden Financial.
August white sugar rose by US$3.00, or 0.6%, to US$472.30 a tonne.