Sugar Futures Options Trading
CALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741
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Sugar Futures Options TradingCALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741 |
Sugar Futures Rise In N.Y. As Crude Oil Gains, Dollar Declines May 9th, 2008Sugar futures rose, heading for a weekly gain, on bets record crude oil prices may spur greater use of ethanol made from sugar cane and the weaker dollar will increase investor demand for commodities traded in New York. Crude oil reached a record $126.20 a barrel while gasoline reached $3.2011 a gallon in New York today. An index measuring the value of the dollar against six counterparts fell as much as 0.6 percent, making commodities traded in New York cheaper for buyers holding other currencies. ``The dollar, crude oil and commodities'' are supporting sugar, said Michael McDougall, senior vice president for Newedge USA LLC in New York. Record crude oil ``brings in investor interest into commodities, and sugar is a beneficiary. Sugar because of the energy link should attract more interest.'' Sugar futures for July delivery rose 0.29 cent, or 2.5 percent, to 11.75 cents a pound at 9:17 a.m. on ICE Futures U.S., the former New York Board of Trade. A close at that price would lead to a weekly gain of 2.3 percent, after two consecutive weeks of losses. The price of most-active futures is down 24 percent through yesterday from a 19-month high on March 3, partly on forecasts for a record Brazilian sugar cane crop and a global surplus. The center-south region of Brazil, the world's biggest sugar producer, may harvest a record cane crop of 498.1 million metric tons, the sugar cane industry group in Sao Paulo known as Unica said April 17. Mills may use 58 percent of the crop to make ethanol, up from 56 percent last year, Unica forecast. The London-based International Sugar Organization May 7 said the global surplus for the year ending Sept. 30 will be 7.8 million metric tons, down from 9.3 million tons forecast in February. - Shruti Date Singh in Chicago at Bloomberg. Click here for your Free Sugar Futures Trading eGuide |
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