Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities

Archives

Sugar Deficit in India; Will Platinum Recover to Last Year’s Levels?

July 27, 2009 at 21:02 by Andriy Moraru

Sugar went above the 3-year high level on ICE Futures in New York today. The shortfall of this commodity in India (which is the world leading consumer of sugar) and the elevated global level of deficit spur speculations among the traders that the sugar will continue rising in the world. Analysts believe that the global hedge funds will increase their positions in sugar on deficit expectations. October delivery sugar futures rose to $0.1847/pound on ICE as of 11:11 today — that’s 0.2 percent compared to the Friday’s close level.

The platinum is expected to grow back to $1,500 level per ounce during next two years, according to some commodity analysts. The gain in demand conjoined with the decline of the supply from the South African mines can lead to a slow recovery of this industrial and precious metal. Platinum immediate delivery contracts rose to $1,199.75 per ounce (or 1 percent) during today’s trading session at SICOM as of 11:30.

If you have any questions and comments on the commodities today, use the form below to reply.

Leave a Reply

required
required  

Navigation

Menu