Tridge summary
Raw sugar futures traded on ICE increased on Friday due to the potential of ethanol gaining market share in Brazil, which could lead to a lower supply of the commodity. This is due to Brazil's Ministry of Finance's plan to reinstate federal fuel taxes, a decision that is pending from President Luiz Inacio Lula da Silva. The March delivery contract for raw sugar rose 0.7% to 19.73 cents a pound, and the white sugar contract due in March increased by 1.5% to $547.30 per tonne. No raw sugar trading will occur on Monday on the ICE exchange in New York due to the US holiday break.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
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. 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 ...
Source: Novacana
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