New York and London were lower. Futures could not overcome short term resistance areas on the charts and found renewed speculative selling interest. The close was weak and implies that new lows in prices are coming. Demand should see a short term increase soon as Ramadan is ending. That could create some new buying interest as stocks in Moslem countries are probably a little low. Ideas are that world Sugar production will be higher as long as Brazil keeps the current percentages of Sugar and Ethanol production, and traders now expect more Sugar for the world market due to the weakening Real.
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