ICE raw sugar futures hit a low on Friday, the 6th, as supply prospects in major producing countries continue to improve. This was the fifth consecutive session to end with a pullback.
The raw sugar contract expiring in March closed down 0.38 cents, or 2%, to 18.96 cents a pound.
Earlier, traders said that raw sugar, which hit its highest level since February 2017 in late December, has not yet found support.
They noted that good rains in Brazil, the main producer, suggest a possible early start of the new season, with higher production widely expected. In addition, the Brazilian government's fuel policy is likely to lead sugarcane mills to favor sugar production over ethanol.
At the same time, production in India is progressing and the harvest in Thailand is starting well.
Source: Novacana
