The sweetener remained north of 17 cents per pound for a second-straight day as October options are set to expire next week. When sugar futures closed above 17 cents per pound on Monday, that marked the first time for such an accomplishment since the middle of last month. The sweetener tracked the upward drive of the Brazilian real, which pushed to its top value in one month on Monday.
"The impending expiration of the October options and October London futures added to the volatility," states a report authored by futures specialist Sterling Smith with Citigroup Inc., according to Bloomberg. "The noticeably weaker dollar was also seen as supportive, along with much better-than-expected volume."
At 9:35 a.m. on Tuesday, sugar futures edged down 0.06 percent, a 0.0001-cent loss to 17 cents per pound.
Reuters reports production of sugar in India, the globe's top consumer of the sweetener, is forecast push past this year's 25 million ton mark beginning in October.
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