Sugar Prices Futures Update
The price of sugar futures commodity exchange ICE Futures New York at the close oftrade Thursday early morning (2/18) ended weaker. Sugar prices being downtriggered the existence of additional sugar production from Dubai.
The price of sugar futures slipped after an unexpected delivery of more than 200,000 tons of sugar factory Dubai, taking into account a large part of the amount of 313,050 tons, shipping is seen as bearish factors.
At the close of trading the price of sugar futures for the most active contract that is a contract May 2016 the observed decline. The price of sugar futures weakened closed the most active registration-0.05 cent or equivalent-0.38 percent at position 13.15 cents per pound.
We estimate that the price movement of coarse sugar futures in New York on the nexttrade is still potentially weakened the recovery effected by the production of coarse sugar.
The price of coarse sugar futures on the ICE Futures New York potentially test the support level at the position of 12.65 12.15 cents and cents. Whereas the resistance level will be tested if the price increase is on position 13.65 14.15 cents and cents per pound.
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