News in Brief-(17-04-2018)

Raw sugar prices decline due to excess supplies

LONDON, Apr 16: Raw sugar futures fell on Monday, drifting towards last week's 2-1/2 year low due to excess supplies, while cocoa edged up. May raw sugar fell 0.06 cent, or 0.5 per cent, to 12.02 cents per lb by 1102 GMT. The front month slumped to a 2-1/2 year low of 11.93 cents last week. Dealers said the market remained well supplied despite a switch towards using more cane for ethanol in Brazil and the prospect of more producer selling was continuing to keep the market on the defensive. — Reuters

Gold price steadies

LONDON, Apr 16: Gold steadied on Monday, surrendering gains made in earlier trade on the back on this weekend's air strikes on Syria, as financial markets wagered the latest U.S.-led intervention would not escalate into a wider conflict. A retreat in the dollar kept the metal firmly underpinned, however. Prices have trended sideways since January, buoyed by geopolitical worries but capped by expectations for further U.S. interest rate hikes and strong technical resistance at $1,360-$1,365 an ounce, their January, February and April highs. — Reuters

Aluminium risks supply shortage

OSLO, Apr 16: The global aluminium market risks facing supply shortages over U.S. sanctions against Russia as well as Norsk Hydro's production cutbacks in Brazil, Hydro's chief executive told Reuters on Monday. Industries ranging from automakers to soda-can producers worry over deliveries and sharp price hikes, Svein Richard Brandtzaeg said in an interview. — Reuters