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Sugar Eases, Below 5-month Peaks

Author:JK Sucralose Inc.    Update Time:2011-07-28

Sugar Eases, Below 5-month Peaks

Source: FLEXNEWS

July 28 - Sugar futures edged lower on Thursday below 5-month peaks, weighed by improved flows of export sugar from Brazil. ICE raw sugar futures were slightly lower, remaining below October's contract high of 31.68 cents a lb touched on Monday.

October raw sugar on ICE was down 0.13 cent or 0.4 percent at 31.00 cents a lb at 0758 GMT.

Dealers said high prices, not far from 5-month highs, were curbing physical demand as buyers hoped prices would correct lower.

October white sugar on Liffe rose $1.70 or 0.2 percent to $805.20 per tonne after touching a contract high of $821.00 on Monday.

A European broker said sugar shipments from centre-south Brazil were slowing down after big delays in recent months, noting that fewer vessels were being presented to load.

Thai sugar premiums for nearby shipments were stuck in a range on soaring futures and competition from the Philippines, while steady sales of next year's crop suggested that Thailand has plenty of sweetener to offer, dealers said.