Raw sugar futures traded on ICE rose this Friday, the 13th, with the prospect of ethanol reenactment in Brazil, which could lead to a lower supply of the commodity. Brazil's Ministry of Finance announced a plan late on Thursday to reinstate federal fuel taxes, but the final decision rests with President Luiz Inacio Lula da Silva. Ethanol could gain market share if taxes are reinstated.
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The raw sugar contract for March delivery was up 14 cents, or 0.7%, to trade at 19.73 cents a pound. Traders said the market was subdued, with some traders adjusting positions ahead of the US holiday break. As a result, there will be no trading of raw sugar on Monday, the 16th, on the ICE exchange in New ...
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