ICE sugar follows commodity basket higher
Published: 05/16/2017, 7:17:59 AM
Raw sugar futures were higher Monday, boosted by broad-based strength in commodity markets as the 19-market Thomson Reuters CoreCommodity Index rallied for the fourth straight session, according to Reuters.
July raw sugar settled up 0.1 cent, or 0.6%, at 15.61 cents per lb.
"Raws are going up on the back of the commodity basket. Oil is the main leader and everything else has followed," one dealer said.
August white sugar settled down US$2.90, or 0.7%, at US$439.10 per tonne, leading to a sharp fall in the white sugar premium over raws to a three-month low.