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Barchart
Barchart
Rich Asplund

Fund Short Covering Pushes Sugar Prices Sharply Higher

July NY world sugar #11 (SBN24) on Monday closed up +0.55 (+3.03%), and Aug London ICE white sugar #5 (SWQ24) closed up +16.10 (+3.01%).

Sugar prices Monday closed sharply higher as strength in the Brazilian real sparked fund short covering in sugar futures.  The real (^USDBRL) on Monday climbed to a 1-1/2 week high against the dollar, discouraging export sales from Brazil's sugar producers.  

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