Investing.com investing.com 05 Jan, 2021 12:15 am

2021 Just Started, But Sugar Is Already Near 4-Year Highs

2021 Just Started, But Sugar Is Already Near 4-Year Highs
Commodities Analysis by Investing.com (Barani Krishnan/Investing.com) covering: US Sugar #11 Futures. Read Investing.com (Barani Krishnan/Investing.com)'s latest article on Investing.com

” While the 2021 outlook for sugar remained as bullish as last year’s, some of the positives were offset by the reemergence of the coronavirus in a bigger way, via the U.com’s side, our Daily Technical Outlook for sugar suggests a “Strong Buy.Sugar overshot most analysts’ expectations for last year, finishing at 15.” With the market having blown past analysts’ expectations, there is a possibility that sugar could retreat to around 15.

84, said Sunil Kumar Dixit, chartist at SK Dixit Charting in Kolkata, India.Raw sugar futures rose to peaks not seen since May 2017 on continued signs of unfavorable weather in major growing countries Brazil and Thailand, and a slump in shipments out of India, the commodity’s third largest exporter.

Read full story at investing.com