ICE raw sugar drifts lower heading toward annual loss of 23%
Published: 12/29/2017, 4:26:01 PM
Raw sugar futures on ICE were slightly lower on Friday, putting the market on course for an annual loss of around 23%, weighed down by rising global production, according to Reuters.
ICE March raw sugar was off 0.02 cents, of 0.1%, at 14.98 cents a lb at 1239 GMT, retreating slightly from the prior session's three-week high of 15.05 cents.
Dealers said fund short-covering had contributed to the recent run-up in prices but the scope for further gains was capped by ample global supplies.
Russia's sugar production from its own beet is expected to rise to a new record of 6.6 million tonnes in the 2017/18 marketing season which started on Aug. 1, up from 6.2 million tonnes in the previous season, its Sugar Producers' Union said.
ICE white sugar futures had abbreviated trading sessions ahead of the New Year holiday.
ICE March white sugar settled US$0.90, or 0.2%, higher at US$394.70 a tonne.
ICE hite sugar futures ended 2017 with an annual loss of 25%.