Also dragging down the value of the sweetener on Thursday was the prospect of more sales from Thailand, the world's second biggest exporter of the soft commodity. Production of the sweetener in Thailand is ranging from 4,000 to 6,000 metric tons per day, commodity trader F.O. Licht GmbH said earlier this month.
"There are concerns that Thailand is upping their crush to make supplies more readily available for July's Ramadan demand increase, and that this early production is leading to a glut on the market over the near term," states a Wednesday report authored by futures specialist Sterling Smith with Citigroup Inc. in Chicago, according to the news source.
At 9:24 a.m. on Thursday, sugar futures edged up 0.23 percent, a 0.0004-cent climb to 0.1751 per pound.
Reuters reports the sweetener performed strongly during the Wednesday trade session in India as traders and investors capitalized on bargain-buying fueled by aspirations for bulk consumers.
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