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Author:  November Cilck Number:  3774 Reply Number:  0
 
Sugar Rally Extends; Funds Turned More Bullish

Sugar extended its two-month rally Monday, keeping futures prices at eight-month highs as the market continued to be bolstered by reduced supplies and bullish bets by financial players.

Raw sugar futures for March delivery rose 4.1% to trade at 15.11 cents a pound on the ICE Futures U.S. exchange, the highest level since Feb. 17. The market has rallied more than 40% since late August amid expectations of a possible supply deficit, in part because of weather disruptions from El Nino storm conditions this fall and winter.

Late last week, the Commodity Futures Trading Commission reported that money managers added 9,517 contracts of bullish bets on sugar in the week ended Oct. 27, while commercial users also increased their bullish bets by 33,152 contracts, despite higher prices.

 

 

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