Commodities Buzz: Global Sugar futures rebound, fund buying stays in place

Global Sugar futures rebounded on supply worries yesterday. The Raw Sugar futures spiked to 18.40 cents per pound yesterday after a rally in the Brazilian real to a 1-week high. The stronger real discourages export sales from Brazil?s sugar producers. Sugar prices have been under pressure over past week on demand concerns but this spike has pushed up the commodity near its recent high. Meanwhile, the latest weekly Commitment of Traders (COT) report showed funds boosted their long NY sugar positions by 791 net long positions in the week ended September 15 to 161,342 - most in almost three years.

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