|
PureBytes Links
Trading Reference Links
|
Sugar News:
Some Sugar fundamentals:
NEW YORK (Dow Jones)--World raw sugar futures opened flat
to lower on the Coffee, Sugar & Cocoa Exchange Friday, as
oversupply continues to pressure prices and interest moves
from the May to the July contract, traders said.
(Prices at 1504 GMT in cts/pound and dlrs/metric ton.)
NY 11 Change Range Liffe 5 Change
May 9.11 unch 9.08-9.24 Aug 250.68 - .62
Jul 8.82 -0.01 8.78-8.94 Oct 255.60 -1.80
Traders said sugar continues to come under pressure from
the oversupply and weak demand that have have recently
driven prices lower. As buying interest moves into the July
contract, the May contract is falling further, traders said.
Thursday, the nearby May continuation contract fell to a
low of 8.95 cents a pound, a low not hit since late August
1993.
Frank Lesh, senior vice president at Rand Financial
Services Inc., a Chicago brokerage, said the week's U.S.
Department of Agriculture reports such as South Korea's,
which points to declining demand, should be bearish for the
market.
Other reports, including a forecast for declines in 1997
Russian sugar production, are expected to be bullish.
But some analysts pointed out that the marker may be weak
because of its anemic reaction to the bullish news.
""What's important is that the market has a bullish
response to bullish news,"" said James Cordier, a trader at
Allendale Inc., a St. Petersburg, Fla. brokerage.
Technically, Lesh said, because of the current oversupply
conditions, the sugar market is oversold, butwill have
difficulty finding support at any level. ""There's nothing
underneath it.""
-By Marianne Sullivan; 201-938-2109;
marianne.sullivan@xxxxxxxxxxxxxxxx
tproeber@xxxxxxxxxx
|