Sugar futures decline on stronger dollar
Wednesday, 26 May 2010
NEW YORK, May 25 (Bloomberg): Sugar futures retreated in London and New York as a stronger dollar dimmed the appeal of commodities as an alternative investment.
The US Dollar Index, a six-currency gauge of the greenback's value, rose as much as 1.4 per cent to extend yesterday's 1 per cent gain. A stronger dollar makes raw materials priced in the currency more expensive in terms of other monies. Raw materials from copper to corn slid on concern Europe's debt crisis may spread, pushing the 24-commodity S&P GSCI Total Return Index down by as much as 2.9 per cent.
The US Dollar Index, a six-currency gauge of the greenback's value, rose as much as 1.4 per cent to extend yesterday's 1 per cent gain. A stronger dollar makes raw materials priced in the currency more expensive in terms of other monies. Raw materials from copper to corn slid on concern Europe's debt crisis may spread, pushing the 24-commodity S&P GSCI Total Return Index down by as much as 2.9 per cent.