NEW YORK: White sugar futures on ICE extended losses to a 2-1/2-year low on Friday. May white sugar settled down 70 cents, or 0.2 per cent, at $348.30 per tonne, after slipping to $346.20 per tonne, the weakest for the front month since September 2015.
Prices remained under pressure from expectations for a global supply glut, mainly due to sharply higher output in India and Thailand.
“The Thai crop is constantly being refreshed higher, both in terms of cane and sugar numbers,” Marex Spectron said in an update.
May raw sugar settled down 0.09 cent, or 0.7pc, at 12.65 cents per lb.
Published in Dawn, March 18th, 2018
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