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$XAU
$AAPLB Forward sugar contracts retreat after India announces tariff-free imports
Raw sugar futures on ICE fell 0.8% to 17.38 cents per pound on Friday at 3:20 pm. The decline came after the contract hit its highest level in more than a year at 18.26 cents on Thursday.
The Indian government announced that it will allow the import of one million metric tons of raw sugar exempt from customs duties during the period up to 31/10. The measure aims to curb rising domestic prices in the world’s second-largest sugar-producing country.
The market faces several supply-side challenges, including crop problems in Europe due to drought waves and lower Brazilian production attributed to the heavy rains seen in June. In addition, the weather pattern known as El Niño could further worsen drought conditions in Asia.
#GoldReboundsNearly5% #USRefinersFaceLoomingCrudeSupplyDrop #BitcoinBestWeekSinceMarch2023 #SpotGoldHitsHighestSinceMay15 #SpotGoldHitsHighestSinceMay15
$XAU
$AAPLB Forward sugar contracts retreat after India announces tariff-free imports
Raw sugar futures on ICE fell 0.8% to 17.38 cents per pound on Friday at 3:20 pm. The decline came after the contract hit its highest level in more than a year at 18.26 cents on Thursday.
The Indian government announced that it will allow the import of one million metric tons of raw sugar exempt from customs duties during the period up to 31/10. The measure aims to curb rising domestic prices in the world’s second-largest sugar-producing country.
The market faces several supply-side challenges, including crop problems in Europe due to drought waves and lower Brazilian production attributed to the heavy rains seen in June. In addition, the weather pattern known as El Niño could further worsen drought conditions in Asia.
#GoldReboundsNearly5% #USRefinersFaceLoomingCrudeSupplyDrop #BitcoinBestWeekSinceMarch2023 #SpotGoldHitsHighestSinceMay15 #SpotGoldHitsHighestSinceMay15