ICE sugar slips on firmer dollar and falling crude oil prices
Published: 01/05/2018, 3:22:15 PM
ICE raw sugar futures fell on Friday with a firmer dollar and a retreat in crude oil helping to halt recent run-ups, according to Reuters.
ICE March raw sugar was off 0.07 cent or 0.5% at 15.18 cents a lb at 1224 GMT. The front month rose to a peak of 15.37 cents on Wednesday, its highest since Nov. 28.
Dealers said a slightly stronger dollar and a decline in crude oil prices helped to weigh on prices.
The market, however, remained underpinned by the prospect of index fund buying starting on Monday as funds rebalance after sugar's poor performance in 2017.
Dealers said the market would keep a close watch on CFTC data to be issued later on Friday to see if speculators had further trimmed a net short position.
March white sugar was down US$0.40, or 0.1%, at US$398.30 a tonne.