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→ IKAR in Mass Media → #217 IKAR in Mass MediaSOFTS-Raw sugar consolidates, focus on Russian import duty14 апреля 2010 года LONDON, April 8 (Reuters) - Raw sugar futures on ICE inched up in choppy trade on Thursday as the market focused on the outlook for a Russian sugar import duty. White sugar futures rose in technical dealings linked to the expiry of the Liffe May contract Sugar dealers awaited the outcome of a meeting in Moscow on Thursday to discuss changes in the way the Russian import duty is calculated, potentially opening the door for an increase in the tariff later in the year. Russia is the world's third-largest sugar buyer. "There is some suggestion that the changes will become effective only from June 1. If that is the case, then the May arrival duty could be $50 per tonne and June at $200 -- a whopping difference," a European broker said in a daily report. At present the duty is $140/tonne. Yevgeny Ivanov, sugar analyst with the Russian Institute for Agricultural Market Studies (IKAR), told Reuters he believed that a $50 per tonne tariff was likely in May. Traders tracked weather in top sugar producer Brazil, where harvesting has begun in the main centre-south growing region, amid concern that recent rainfall could increase output risk. David Sadler, a veteran sugar futures dealer, said he believed the worst possible scenario was a delay in harvesting. CONSOLIDATION Raw sugar futures are consolidating after sliding by almost half in the past two months since hitting a 29-year peak of 30.4 cents a lb on Feb. 1 as cash buyers are stuck on the sidelines. "I don't think there is anything bullish out there," Sadler said. "We're not finding any substantial offtake." Thomas Kujawa wrote in brokerage Sucden's midday market report, "It seems we may likely continue sideways today and await some fresh fundamental news." ICE May raw sugar was up 0.01 cent or 0.06 percent at 16.17 cents a lb at 1456 GMT. London May white sugar was up $9.0 or 1.9 percent at $492.00 per tonne in modest volume of 4,455 lots. In cocoa, ICE futures edged up on light investor buying and arbitrage, with upside potential capped by a firm dollar as dealers awaited grind, or demand, data. The first-quarter European grind figures are due on April 13. July cocoa on ICE was up $3 or 0.1 percent at $2,885 a tonne. July cocoa on Liffe was 4 pounds or 0.2 percent lower at 2,163 pounds a tonne in low turnover of 2,677 lots. "The market seems a little on the soft side," one London cocoa futures dealer said. "We're consolidating today." Coffee futures also dipped under pressure from options-related trading and the stronger dollar, as traders focused on the potential impact of dry weather in Southeast Asia on robusta crop development. Tight arabica supplies have underpinned arabica futures. "An options expiry is triggering selling pressure in arabicas," a London coffee futures dealer said. ICE May arabica coffee was down 2.55 cent or 1.85 percent at $1.3500 per lb. July robusta coffee on Liffe was down $18 or 1.3 percent at $1,362 a tonne in tiny volume of 2,229 lots. Source: Reuters | #sugar | Comments: 0 Views: 59
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