Raw sugar futures in New York fell to a new 10-year low on news that India approved a new USD765 million aid package for its domestic sugar industry, partly to facilitate at least 5 mln tonnes of sugar exports in 2018/19 (Oct/Sep).

The nearby contract for October delivery, which will expire at the end of this week, ended down 46 points, or 4.4%, at 9.90¢/lb, the market’s first finish below the 10¢/lb threshold since June 2008. The intraday high of 9.88¢/lb was also a new 10-year low with the intraday high hit at 10.43¢. The most-active March contract shed 24 points to 10.91¢/lb, which elevated the front-month discount to 1.01¢. The rest of the board shed between three and 19 points with the losses the higher the nearer the delivery period was. Trading volume increased to 209,406 lots from 144,464 a day earlier.

White sugar futures in London also ended in the red with the most-active December contract falling by USD5.80, or 1.8%, to settle at USD311.70 a tonne. It hit a one-month low of USD311.00 in the course of the session with the intraday high touched at USD317.80. Second-month March finished USD5.90 lower at USD313.70 a tonne and the back months eased between USD4.40 and USD6.20. Trading volume rose to 14,454 lots from 11,040 a day earlier.

The Mar/Mar white sugar premium decreased further to USD73.17 a tonne from USD73.78 in the previous session.

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