• Sugar futures on ICE tumbled in heavy trade on Monday as the Brazilian real currency dropped to its lowest level in nearly six years after the re-election of President Dilma Rousseff in Brazil.
• March ICE raw sugar futures fell 0.35 cent, or 2.1 percent, to settle at 16.03 cents a lb, after falling to a 3-1/2 week low of 15.91 cents a lb as the real fell to its weakest level since December 2008.
• Incumbent President Dilma Rousseff's tight victory in Sunday's election sent Brazilian financial markets plunging, as many investors had been rooting for pro-business challenger Aecio Neves.
• Uncertainty about Brazil's ethanol industry also weighed on sugar prices in light of Rousseff's victory, as her administration has subsidized gasoline at the expense of the sugar cane-based fuel.
• The president of sugar cane industry group Unica called for a dialogue with Rousseff on Monday, asking her to clarify her stance on ethanol's place in Brazil's energy matrix.
• December London white sugar futures settled down $7.40, or 1.7 percent, at $421.70 a tonne.
• Sugar futures on ICE tumbled in heavy trade on Monday as the Brazilian real currency dropped to its lowest level in nearly six years after the re-election of President Dilma Rousseff in Brazil.• March ICE raw sugar futures fell 0.35 cent, or 2.1 percent, to settle at 16.03 cents a lb, after falling to a 3-1/2 week low of 15.91 cents a lb as the real fell to its weakest level since December 2008.• Incumbent President Dilma Rousseff's tight victory in Sunday's election sent Brazilian financial markets plunging, as many investors had been rooting for pro-business challenger Aecio Neves. • Uncertainty about Brazil's ethanol industry also weighed on sugar prices in light of Rousseff's victory, as her administration has subsidized gasoline at the expense of the sugar cane-based fuel. • The president of sugar cane industry group Unica called for a dialogue with Rousseff on Monday, asking her to clarify her stance on ethanol's place in Brazil's energy matrix. • December London white sugar futures settled down $7.40, or 1.7 percent, at $421.70 a tonne.
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