TrendsWide
Contact US
  • Home
  • Trending
  • Health
  • Life Style
  • NBA
  • Reviews
No Result
View All Result
TrendsWide
  • Home
  • Trending
  • Health
  • Life Style
  • NBA
  • Reviews
No Result
View All Result
TrendsWide
No Result
View All Result
Home Economie

Sugar price reaches a 7-month high; ethanol price set to rise

by souhaib
November 21, 2020
in Economie
0
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT


You might also like

‘momentum is continuing into 2022’

Astra Space stock closed down 20% on Monday: here’s why

Ripple, Dogecoin, Litecoin price forecast for February 2022

Sugar price has been on an upward trend over the past 7 months. In April SUGARUSD reached ~$0.10. This price level was the lowest price level since 2018. However, months after this record low, the price of this soft commodity has risen to reach its current trading level of ~$0.15. In addition to the weaker dollar, ethanol prices are set to rise.

sugar price

A weaker U.S. dollar continues to strengthen sugar price

If you are interested on how to invest in commodities, one of the concepts that you should remember is that most of the key commodities are traded in the U.S dollar. When the dollar is weakening, as it is currently, foreign buyers are able to purchase higher volumes of the produce.


Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

Currently, the U.S. dollar index is trading at $92.23. The figure represents a decline of 2.13% from $94.90, which has been its peak in November. Sugar price’s highest level this year was in March when it was trading at around $99.10. Ever since, it has been relatively weak; an aspect that has resulted in the rise of sugar price.

Rise in ethanol prices is sweet news for the sugar industry

Recently, the Cabinet Committee on Economic Affairs (CCEA) increased the prices of ethanol produced from sugarcane juice, B-heavy molasses, and C-heavy molasses. CCEA hiked the prices by Rs 3.17, Rs 3.34, and Rs 1.94 per litre respectively.  

Icra Ratings’ senior vice president Sabyasachi Majumdar said, “With ethanol contributing 10-15 per cent of the sugar mills’ turnover for integrated sugar mills, remunerative ethanol prices are expected to encourage sugar mills to enhance the supply of ethanol for blending, thereby supporting their revenues, profitability, and improving their ability to pay sugarcane farmers.”

Sugar is the key component in the production of ethanol. The expected increase in ethanol prices comes at a time when Brazil is experiencing adverse weather conditions. Brazil is the largest producer of sugar in the world.  

Goldman Sachs forecasts a prolonged bull market for commodities

Two days ago, Goldman Sachs maintained its stand that the current recovery momentum in different commodity markets is likely to be the beginning of a prolonged bull market. The firm’s analysts stated that commodities were the best cushion against the probable inflation. The bank went ahead to state that the rising demand from China increases the chances of an upward trend for agricultural commodities and base metals as compared to that of oil. The changes will be in effect for the ethanol supply year that begins in December this year.

Sugar price technical outlook

Sugar price is finding resistance around the $0.15, which has been the highest price level this week. Besides, the commodity is trading above the 50-day and 100-day exponential moving average. It has seen trading above the line of support since September’s lowest price level. As such, I expect the sugar price upward trend to continue. However, if the price goes downwards past this line, my outlook may be invalid.

sugar price technical outlook



Source link

Share this:

  • Twitter
  • Facebook
  • More
  • Pinterest
  • Telegram
  • Email
Share30Tweet19
Previous Post

Moyes raises idea of ‘training balls’ to protect players’ brains after Sportsmail’s campaign launch

Next Post

I’m A Celebrity: Ruthie Henshall talks having sex with Prince Edward in Buckingham Palace

souhaib

Recommended For You

‘momentum is continuing into 2022’

by souhaib
February 7, 2022
0

Shares of Chegg Inc (NYSE: CHGG) are up 10% in extended trading on Monday after the student services company said it performed better-than-expected in Q4, despite COVID-19 uncertainty....

Read more

Astra Space stock closed down 20% on Monday: here’s why

by souhaib
February 7, 2022
0

Read more

Ripple, Dogecoin, Litecoin price forecast for February 2022

by souhaib
February 7, 2022
0

The cryptocurrency market is advancing this Monday, and this situation also supports the price of Ripple XRP/USD, Dogecoin DOGE/USD, and Litecoin LTC/USD. Bitcoin is trading above the $44,000...

Read more

Analyst: ‘Apple would be forced into it if Amazon goes after Peloton’

by souhaib
February 7, 2022
0

Read more

Should I buy Uber shares in February 2022?

by souhaib
February 7, 2022
0

Uber Technologies, Inc. (NYSE: UBER) will announce fourth-quarter earnings results this Wednesday, February 09, after the market closes. Uber shares have weakened more than 10% since the beginning...

Read more
Next Post

I'm A Celebrity: Ruthie Henshall talks having sex with Prince Edward in Buckingham Palace

No Result
View All Result

Recent Posts

  • Debbie Reynolds recounts losing baby and being forced to carry deceased fetus to term in old video
  • Spain Basketball World Cup 2023: The NBA and former partner of LeBron James who threatens Spain’s qualification for the World Cup
  • AMLO: “The elimination of summer time is a political issue”: the controversial measure that López Obrador seeks to eradicate
  • Heat alert for 80 million people in the US
  • “The Supreme Court’s decision is intended to fundamentally change its place in the balance of power”

Browse by Category

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Reviews
  • Sports
  • Switzerland
  • Trending
  • U.S.
  • Uncategorized

Categories

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Reviews
  • Sports
  • Switzerland
  • Trending
  • U.S.
  • Uncategorized

Pages

  • Contact US
  • Newsletter
  • Privacy Policy
  • Terms & Conditions

© 2021 - TrendsWide

No Result
View All Result
  • Home
  • Contact US
  • Privacy Policy
  • Trending
  • U.S.
  • Economie
  • Deals
  • Reviews
  • Cryptocurrency
  • Health
  • Life Style
  • NBA

© 2021 - TrendsWide