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ICE Sugar, Eyes on Brazil Weather

Author:JK Sucralose Inc.    Update Time:2011-08-04

ICE Sugar,  Eyes on Brazil Weather

Source: FLEXNEWS     

ICE sugar futures rose on Thursday, as frost warnings for a Brazilian state supported both markets.Raw sugar futures rose, consolidating after choppy trading in recent sessions, as uncertainty over top producer Brazil's crop remained.Dealers eyed potential for further downgrades to the size of Brazil's crop as a forecast frost could damage cane.October raw sugar on ICE was up 0.28 cent or 1 percent at 27.97 cents a lb, well below a contract high of 31.68 cents touched early last week.

Indonesia, Southeast's Asia biggest sugar consumer, will not issue any additional import permits for raw or white sugar in 2011, Trade Minister Mari Pangestu told Reuters on Thursday.

India's key monsoon rains were 22 percent below normal in the week to Aug. 3 from 23 percent below average showers in the previous week, the weather office said on Thursday, and a second straight week of weakness.

New York Oct sugar may slide further to 26.99 cents per lb, as a wave "c" or wave "3" has extended, according to Reuters analyst Wang Tao.

October white sugar on Liffe rose $10.80 or 1.5 percent to $735.40 per tonne.