DJ MARKET TALK: ICE Sugar Trims Gains In Synch With Commodities
Published: 03/12/2010, 6:15:05 PM
DJ MARKET TALK: ICE Sugar Trims Gains In Synch With Commodities 1312 EST [Dow Jones] - ICE world raw sugar futures are paring gains as many commodities retreat from early gains. May sugar is up 11 points at 19.38 cents a pound, off fo the 19.99 intraday high. "We've seen this reversal and it's kind of dragged sugar along with it," says Boyd Cruel, senior softs analyst at Vision Financial Markets in Chicago. Crude, CBOT corn and soy and gold and silver are weaker. Commodities had early support from stronger-than-expected February retail sales, a tell-tale sign of returning consumer demand. May sugar needs to hold support at 18.80-19 cents to build toward resistance at the 20-20.50 level, Cruel says. The dollar is weaker as European debt fears ease. Liffe May white sugar settled $9.20 higher at $540.90 a ton. HEH) Contact us in New York at 212-416-2138 or holly.henschen@dowjones.com (END) Dow Jones Newswires 03-12-10 1312ET Copyright (c) 2010 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 FSN57470 ACTV COMMENTS FOOD GENERAL SUGAR 2010-03-12 18:12:22 UTC ^^^^^^