According to a foreign media report, although the Indian government agreed on Tuesday to export 500,000 tons of self-produced sugar, it has exerted tremendous pressure on the ICE sugar market, but due to short-term cover-ups supporting the sugar market, the sugar market finally recovered most of the lost land. At the close of the contract, the recent contract price of sugar only fell slightly.
On the 1st day of the day, the price of sugar dropped by 32 points (-1.2%) to close at 27.16 cents/lb. Intraday 1105 period, the price of sugar dropped to a sharp drop of 4% to 26.37 cents/lb. The price also fell 8 points (-0.3%) and closed at 25.25 cents/lb.
While the market has recently failed to understand whether the Indian government will increase the export of sugar, on Tuesday, the Indian government decided to export 500,000 tons of self-produced sugar this year for consideration of domestic sugar production. This way, 10- 11 Sugar Production The Indian government has agreed that the total amount of sugar exported will exceed 1.5 million tons. The pattern of tight supply for the global sugar market will therefore be eased.
According to Alex Oliveira, a senior sugar liquid analyst from NewEdge, USA, the news that India agreed to export 500,000 tons of self-produced sugar this Tuesday seriously affected the sugar market, however, because some investors believe that the market Overreacting to the news from India, the sugar market finally recovered most of the losses under the support of short covering.
A London sugar broker said that late investors bought in the sugar market. It is estimated that the market is not expecting that India will not export 500,000 tons of self-produced sugar. However, individuals think that India will export at least this year. 1.5 million tons of sugar are produced. The Indian government is only trying to find out how much sugar India can produce this year, and then decide whether to increase exports of sugar.
From the technical point of view, there are traders believe that the next ICE sugar market 1105 sugar prices may drop to the 200-day moving average, which is 25.54 cents / pound. At present, the spread between the 1105/1107 contracts has narrowed to the lowest level since October 2010. This, to a certain extent, suggests that the tight supply pattern of the global sugar market has begun to ease.
Due to strong demand, the German Statistical Analysis Agency F. O. Licht has reduced the supply surplus in the global sugar market for the 10-11 sugar-making year to 1.3 million tons from the 1.7 million tons expected in November last year.
F. O. Licht believes that the estimated annual global sugar output in the 10-11 sugar production period will only increase by 5.2%, from 158.6 million tons in the 09-10 sugar production year to 166.9 million tons (compared with the expected production reduction of 1.8 million tons in January last year); Consumption of sugar will increase by 1.9%, from 161.6 million tons of sugar production in 09-10 to 164.1 million tons (1.5 million tons less than the expected consumption in November last year); global sugar stocks will be from 09-10 The 5,650 tons of sugar production year increased to 57.8 million tons. However, as the global sugar inventories experienced a two-year decline, it is estimated that the proportion of available sugar in the world will still be in the 09-10 sugar year. 35.2% of the level.
In addition, the price of sugar futures in London's sugar market continued to decline slightly on Tuesday, as India agreed to export 500,000 tons of self-produced sugar. At the close of the trading day, the price of sugar dropped by approximately US$5.90/ton (-0.8%) to US$700.40/ton during the 1105 period. The 1005 period of the session fell by more than 3% to the low of 684.00 US dollars/ton; the 1108 period of sugar The price also fell by US$3.60/ton (-0.5%) and closed at US$666.00/ton.
The closing prices of the two major international sugar markets were as follows (close price unit: ICE Sugar Market: US cents/lb; LIFFE Sugar Market: USD/ton):
ICE sugar market volatility fluctuation range LIFFE sugar market ups and downs 1105 27.16-0.32 26.37-27.51 1105 700.40-5.90
1107 25.25-0.08 24.50-25.37 1108 666.00-3.60
On the 1st day of the day, the price of sugar dropped by 32 points (-1.2%) to close at 27.16 cents/lb. Intraday 1105 period, the price of sugar dropped to a sharp drop of 4% to 26.37 cents/lb. The price also fell 8 points (-0.3%) and closed at 25.25 cents/lb.
While the market has recently failed to understand whether the Indian government will increase the export of sugar, on Tuesday, the Indian government decided to export 500,000 tons of self-produced sugar this year for consideration of domestic sugar production. This way, 10- 11 Sugar Production The Indian government has agreed that the total amount of sugar exported will exceed 1.5 million tons. The pattern of tight supply for the global sugar market will therefore be eased.
According to Alex Oliveira, a senior sugar liquid analyst from NewEdge, USA, the news that India agreed to export 500,000 tons of self-produced sugar this Tuesday seriously affected the sugar market, however, because some investors believe that the market Overreacting to the news from India, the sugar market finally recovered most of the losses under the support of short covering.
A London sugar broker said that late investors bought in the sugar market. It is estimated that the market is not expecting that India will not export 500,000 tons of self-produced sugar. However, individuals think that India will export at least this year. 1.5 million tons of sugar are produced. The Indian government is only trying to find out how much sugar India can produce this year, and then decide whether to increase exports of sugar.
From the technical point of view, there are traders believe that the next ICE sugar market 1105 sugar prices may drop to the 200-day moving average, which is 25.54 cents / pound. At present, the spread between the 1105/1107 contracts has narrowed to the lowest level since October 2010. This, to a certain extent, suggests that the tight supply pattern of the global sugar market has begun to ease.
Due to strong demand, the German Statistical Analysis Agency F. O. Licht has reduced the supply surplus in the global sugar market for the 10-11 sugar-making year to 1.3 million tons from the 1.7 million tons expected in November last year.
F. O. Licht believes that the estimated annual global sugar output in the 10-11 sugar production period will only increase by 5.2%, from 158.6 million tons in the 09-10 sugar production year to 166.9 million tons (compared with the expected production reduction of 1.8 million tons in January last year); Consumption of sugar will increase by 1.9%, from 161.6 million tons of sugar production in 09-10 to 164.1 million tons (1.5 million tons less than the expected consumption in November last year); global sugar stocks will be from 09-10 The 5,650 tons of sugar production year increased to 57.8 million tons. However, as the global sugar inventories experienced a two-year decline, it is estimated that the proportion of available sugar in the world will still be in the 09-10 sugar year. 35.2% of the level.
In addition, the price of sugar futures in London's sugar market continued to decline slightly on Tuesday, as India agreed to export 500,000 tons of self-produced sugar. At the close of the trading day, the price of sugar dropped by approximately US$5.90/ton (-0.8%) to US$700.40/ton during the 1105 period. The 1005 period of the session fell by more than 3% to the low of 684.00 US dollars/ton; the 1108 period of sugar The price also fell by US$3.60/ton (-0.5%) and closed at US$666.00/ton.
The closing prices of the two major international sugar markets were as follows (close price unit: ICE Sugar Market: US cents/lb; LIFFE Sugar Market: USD/ton):
ICE sugar market volatility fluctuation range LIFFE sugar market ups and downs 1105 27.16-0.32 26.37-27.51 1105 700.40-5.90
1107 25.25-0.08 24.50-25.37 1108 666.00-3.60
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