Raw sugar futures on ICE rallied to a 2-1/2-week high after Brazil confirmed it tax ethanol imports, which could possibly encourage mills to produce less sugar. October raw sugar settled up 0.35 cent, or 2.56 percent, at 14.02 cents per lb, after hitting 14.06 cents, its highest since Aug. 8. The tax raise the price of ethanol against sugar, which could encourage Brazilian mills to switch more production toward the biofuel instead of the sweetener.
PHL all set to ship more sugar to US.
Some 55,000 metric tons (MT) of sugar exported to the United States before October 31 to fill the additional sugar quota granted by Washington to the Philippines. Washington granted the Philippines an additional sugar quota of 63,830 MT for fiscal year 2017.
Mumbai Sugar steady despite higher arrivals and local dispatches.
Sugar market witnessed higher volume almost double at mill level at steady prices as stockiest gave fresh orders to meet higher physical demand for 11 days long Ganeshotsav starting. At Vashi prices remained unchanged despite higher arrivals and local dispatches.