Sugar Hits 18.26 Cents a Pound, Then Retreats as 1 Million-Tonne India Move Spurs Profit-Taking
Updated
Updated · czapp.com · Aug 20
Sugar Hits 18.26 Cents a Pound, Then Retreats as 1 Million-Tonne India Move Spurs Profit-Taking
1 articles · Updated · czapp.com · Aug 20
Summary
Oct’26 raw sugar climbed to 18.26 cents a pound — a fresh multi-year high — before sliding back to around 17.50, ending broadly unchanged after an intraday swing of more than 80 points.
India’s decision to allow duty-free imports of up to 1 million tonnes of raw sugar added to supply fears already driven by lower European beet output and reduced Brazilian production estimates.
Record open interest and expanding fund participation helped fuel the early surge, but late-session long liquidation hit once prices broke nearby support and momentum faded.
London No.5 sugar followed the same pattern, jumping to 566.8 before reversing to about 550.6; the contract still closed higher on the day, though the sharp rejection weakened the technical picture.