The Price Of Sugar ICE Down Depressed

The Price Of Sugar ICE Down Depressed

The price of sugar futures commodity exchange ICE Futures New York Wednesdayearly morning (10/02) closed down. The price of sugar down depressed us dollarweakening crude oil prices, and global exchange.

The u.s. dollar weakened global economic slowdown worries depressed due to the fall of the stock market and oil prices, shook confidence in the u.s. dollar. At the close of trading currencies, weakening the U.s. Dollar index-0.71% on 94.7. The weakening ofthe U.s. Dollar made the commodity with dollar currency are cheaper for holders ofother currencies.

Crude oil prices had fallen nearly 8 percent in trading on Tuesday (09/02), due toweakening global stock markets and the estimated U.S. crude oil supplies are swellinghigh expectations facing that global demand will not grow quickly enough to removean excess of crude oil in the near future.

Prices are little changed in trading after the American Petroleum Institute (API) reported a rise in crude oil stockpiles last week. Inventories of crude oil rose 2.4 million barrels in the week to February 5, be 503,400,000, compared with analyst expectations for a rise in 3.6 million barrels. Crude oil inventories at Cushing, Oklahoma, delivery point rose 715,000 barrels, the API said.

The price of crude oil futures WTI down $ 1.75 or 5.89 percent, at $ 27.94 per barrel. While the price of Brent crude oil futures down $ 2.04, or 6.17 percent at $ 30.85 per barrel.

Traders anticipate that lower oil prices will encourage more sugar cane sugar canesugar became a convert chooses than ethanol.

While global stock trade. Asian, European exchanges, until Wall Street exchangesclosed weakened due to the global economic slowdown worries.

At the close of trading in the early hours last price of sugar futures for active contractthat is a contract March 2016 observed decline. The price of sugar futures weakened closed the most active registration-0.06 cents or equivalent-0.45 percent at position 13.39 cents per pound.

Forexchair  estimated that the price movement of coarse sugarfutures in New York on the next trade is still depressed will potentially weakeningcrude oil price.

The price of coarse sugar futures on the ICE Futures New York potentially test the support level at position 13.00 12.60 cents and cents. Whereas the resistance level will be tested if the price increase is on position 13.80 14.20 cents and cents per pound.