BLBG: Sugar Drops to Lowest This Month as Dollar Gains, Crude Slips
By Ron Day
Nov. 11 (Bloomberg) -- Sugar fell to the lowest price this month as the dollar rose, pushing down commodities including crude oil and damping demand for fuel made from cane.
The dollar gained against the euro as traders increased bets the European Central Bank will reduce interest rates early next year to kick-start economic growth. Sugar and crude oil fell as the higher dollar lifted commodities costs for buyers using the European common currency. Sugar in Brazil is refined into ethanol, a fuel additive.
Raw-sugar futures for March delivery fell 0.21 cent, or 1.8 percent, to 11.79 cents a pound at 8:53 a.m. on ICE Futures U.S. in New York. The price earlier touched 11.71 cents, the lowest since Oct. 31.
To contact the reporter on this story: Ron Day in New York at rday1@bloomberg.net.