ICE white sugar futures climb ahead of expiry
Published: 04/13/2017, 5:23:09 PM
White sugar futures climbed on Thursday as the front-month contract inched towards expiry, according to Reuters.
May white sugar rose US$8.50, or 1.77%, to US$488.20 a tonne by 1153 GMT.
The May contract was heading towards expiry on Thursday. Open interest was at 4,204 lots, with dealers expecting a modest delivery of 100,000 to 150,000 tonnes.
May raw sugar also gained 0.20 cent, or 1.20%, to 16.90 cents a lb as technicals steadied.
"Everyone knows the situation with the oversupply in sugar but for the moment I think we've hit a bit of a soft bottom," said one dealer. "I think people are a bit scared to commit too much on the short side."
The market was also anticipating a raw sugar options expiry on Monday.
Egypt will impose a sugar export tariff of EGP3,000 (US$165.47) per tonne starting on Friday, the state's official gazette said.
Last month, it removed a tariff on raw sugar imports that traders said impeded private importers from securing supplies and contributed to a sugar shortage last year.