Raw sugar futures rally into March expiry - February 28, 2013
Friday March 01 2013
Raw sugar futures in New York set fresh 2-1/2-year lows early in the session but then rallied into the close to settle at a two-week high as traders covered short positions on the March contract's last trading day.
Rumours spread prematurely by some industry observers that Brazil's President would announce on Thursday the long-expected removal of the PIS/COFINS tax on ethanol also supported sugar values, but there was no announcement by the end of the day. Proposed changes to the ethanol tax system include lower payments and the possibility of converting the amount paid into credit, other sources said. Anyway, implementation of the changes is in the hands of President Dilma Rousseff for a final signature, it was added.
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