India witnesses 92 pc increase in sugar prices
Tuesday, 17 November 2009
CHICAGO, Nov 16 (Commodity Online): World's largest sugar consumer, India witnessed a whopping 92 per cent increase in prices for the commodity this year.
India imported supplies to cover a production deficit while in Brazil, the biggest producer, excess rain has limited sugar output, compounding the strain on global resources.
All these factors put together will set a perfect platform for sugar prices to swing violently over the next few weeks, according to a technical analysis by LaSalle Futures Group in Chicago.
According to analysis by the group, the so-called apex formation emerged as the gap narrowed between highs and lows and is setting the market up for a rapid, powerful move.
India imported supplies to cover a production deficit while in Brazil, the biggest producer, excess rain has limited sugar output, compounding the strain on global resources.
All these factors put together will set a perfect platform for sugar prices to swing violently over the next few weeks, according to a technical analysis by LaSalle Futures Group in Chicago.
According to analysis by the group, the so-called apex formation emerged as the gap narrowed between highs and lows and is setting the market up for a rapid, powerful move.