DJ MARKET TALK: ICE Sugar Down; Technicals Weaken, Dollar Firms
Published: 11/20/2009, 7:10:02 PM
DJ MARKET TALK: ICE Sugar Down; Technicals Weaken, Dollar Firms 1408 EST [Dow Jones] - ICE Mar sugar futures continued their weak trend Friday by posting losses on speculative fund selling. A firm US dollar, weak equities market and losses in the commodity indexes stirred bearish traders to sell. Some short-covering before the close took prices off their daily lows. Traders are disappointed they haven't yet seen aggressive buying from India or Pakistan, despite expectations those countries need sugar to meet domestic demand, says Michael McDougall of Newedge. Mar sugar dove to a 1 1/2-week low of 22.23 cents, weakening the market's technical picture. Volume is pegged at 68,700 contracts traded. ICE Mar sugar lost 27 points to settle at 22.47 cents a pound. (TVS) Contact us in Chicago at 312-750-4075; tom.sellen@dowjones.com (END) Dow Jones Newswires 11-20-09 1408ET Copyright (c) 2009 Dow Jones & Company, Inc. DJ info: 61025 N/DJCS,N/DJOS,N/OSAG,N/OSCM,N/OSTR,N/ALMT,N/CMD,N/CMM,N/DJMT,N/DJWI,N/MKT,N/SCD N/SGR FSN38721 ACTV COMMENTS FOOD GENERAL SUGAR 2009-11-20 19:08:38 UTC ^^^^^^