LONDON, Aug 23 (Reuters) – Raw sugar futures on ICE were slightly lower on Monday as Indian selling and weak demand helped to trigger a pullback from a recent 4-1/2 year high.
SUGAR
* October raw sugar SBc1 fell by 0.02 cents, or 0.1%, to 19.56 cents per lb by 0935 GMT.
* The front month climbed to a peak of 20.37 cents last week for its highest since February 2017.
* Dealers said that Indian mills have taken advantage of the recent run-up in prices to make export sales, particularly given indications from India’s government that export subsidies are likely to be withdrawn from October.
* “The market has run into a wall of Indian selling,” broker Marex said in market update, adding that further sales could dry up because of a lack of buyers.
* Egyptian state grains buyer GASC on Saturday said that it had set a tender for 200,000 tonnes of raw sugar of any origin to be bought on a CIF basis. The tender was on behalf of state sugar buyer ESIIC.
* October white sugar LSUc1 fell by $2.20, or 0.5%, to $481.30 a tonne.
