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ICE Sugar Little Changed

Author:    Update Time:2011-12-12

Source: Reuters

 

ICE raw sugar futures were little changed in early trade on Wednesday with both markets consolidating.

 

Raw sugar futures on ICE were little changed in early trade with the market still consolidating after a steep setback late last week.

 

Dealers said the recent drop in prices did appear to have stimulated some demand in the physical market but the upside may be limited if an anticipated global supply surplus materialises in 2011/12.

 

ICE October raw sugar futures rose 0.03 cent or 0.1 percent at 27.62 cents a lb, while March was off 0.03 cent or 0.1 percent at 26.76 cents at 0824 GMT.

 

New York sugar will fall to 26.46 cents per lb, based on its wave pattern and a descending trendline, according to Reuters analyst Wang Tao.

 

December white sugar futures on Liffe rose $3.00 or 0.4 percent to $681.40 a tonne.

 

Cargill is to launch the world's first natural zero-calorie tabletop sweetener in Britain towards the end of October with hopes of boosting the domestic 60 million pound ($94 million) annual non-sugar sweetener market by 20 percent within a year.