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Barchart
Barchart
Rich Asplund

Dollar Weakness Sparks Short Covering in Sugar Futures

Brazil India ISMA ISO London

July NY world sugar #11 (SBN23) on Friday closed up +0.17 (+0.66%), and Aug London white sugar #5 (SWQ23) closed up +3.40 (+0.48%).

Sugar prices Friday posted moderate gains as a weak dollar (DXY00) sparked short covering in sugar futures.  However, sugar prices fell back from their best levels Friday after the Brazilian real (^USDBRL) fell to a 1-1/2 week low against the dollar.  The weaker real encourages export selling from Brazil's sugar producers.

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