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DJ ICE Sugar Review: Technical Selling, Long Liquidation78 days ago
DOW JONES NEWSWIRES
ICE Futures U.S. sugar futures were at sharply lower levels Monday, despite weakness in the dollar and strength in other commodity markets. Analysts said a lack of underlying physical demand at the current high price levels sparked long liquidation.
ICE March sugar settled down 33 points at 22.14 cents.
ICE March sugar opened at firmer levels and traded higher early in the session, supported by weakness in the U.S. dollar index. However, throughout the session, "sugar didn't correlate with other markets. It performed more poorly than other markets did. Sugar is struggling to find strength on its own merit," noted James Cassidy, senior vice president with the sugar group at Newedge.
Overall, Cassidy said, "We are experiencing stale fundamentals. We've been in a downtrend channel for twelve weeks." He said that modest technical selling kicked in on Monday as the March contract broke an uptrend line dating to April 21 on the daily chart.
On Monday, that uptrend line comes in around 22.24 cents.
Cassidy also pointed to "double bottom" support at 21.78 from Oct. 28 and Nov. 10 and said additional technical selling could be triggered if that support zone falls in the days ahead.
In the news, sugar cane crushing in India's second-biggest sugar producer, Uttar Pradesh, has failed to pick up in the marketing year that started Oct. 1, as many farmers are holding back supplies in anticipation of higher prices, people in the industry said Monday.
Elsewhere, sugar prices in China have rallied in the past month on expectations that erratic weather conditions will affect production, and analysts said a sustained increase will likely prompt the government to sell state reserves.
Dow Jones Newswires; 312-750-4072
(END) Dow Jones Newswires
November 23, 2009 15:03 ET (20:03 GMT)
ICE settlement Change Range
March 22.14 -33 22.90-22.04
May 21.40 -27 22.07-21.32
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