Good Morning all,
Below overnight recap:
• It was a positive day for sugar, amid reports that Thailand has cut its 2013/14 sugar quota for domestic consumption by 100,000 tonnes, a senior official said, increasing the amount available for export despite a global surplus.
• ICE October raw sugar jumped 0.33 cent, or 2.1 percent, to settle at 15.82 cents a lb as speculators continued to cover a large net short position. Last week's Commodity Futures Trading Commission report saw speculators trim a net short position by 13,650 contracts to 60,344 lots in the week to Aug. 26.
• Talk of early mill closures and less sugar on offer added to the support, dealers said.
• Liffe October white sugar rose $4.20, nearly 1 percent, to end at $428.80 per tonne.
• On the FX front, The euro dipped on Tuesday to fresh one-year lows against the dollar on bets the ECB will do more to help a wobbly euro zone economy, while the pound fell to a near five-month low versus the greenback on worries about Scottish secession. The dollar index rose 0.3 percent to 82.99 and hitting its highest since July 2013.