(Bloomberg) — Raw sugar halted an earlier slide, with the market assessing weather and output prospects.
Futures in New York rose by 0.3% by 8:26 a.m. local time, after slipping 0.7% on Monday, the first day of trading in the new year. Higher production in India and better weather in Brazil fueled an earlier slump, according to a research note from ADM Investor Services International.
“There would seem little reason for prices to weaken considerably from current levels,” it said, adding that the up-side is also limited in the short term, with current levels of demand meeting supply and prospects improving for the next crop in Brazil.
White sugar traded in London declined by 0.2%. In other commodities, arabica coffee rose 7%, after slipping for three sessions. Robusta futures declined by 1.9%.
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