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Sugar needs further gains to entrench rally hopes
19.05.2010 09:15 "Agro Perspectiva" (Kyiv) —
A surprise revival in sugar on Monday has further to go before provoking hopes of a sustained rally, to judge by chart patterns, Sucden Financial Sugar has said.
Raw sugar for July delivery posted gains of up to 2.8% in New York, taking it to 14.53 cents a pound and overcoming early weakness that many traders had expected following the rise in the dollar to its highest for more than a year against a basket of currencies.
A strong dollar makes assets, such as sugar, denominated in it less affordable to buyers using other currencies, and kept prices of other farm commodities, such as cocoa, coffee and corn, in negative territory on Monday.
The sweeteners revival came amid rumours that Pakistan, which bought 200,000 tonnes of white sugar last week, had purchased a further 100,000 tonnes.
White sugar stood up 2.6% at $478.10 a tonne at its morning top in London.
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