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Barchart - Sugar prices gave up an early advance on Tuesday and moved lower as the recent rally pushed sugar prices into overbought territory, sparking technical selling and long liquidation. 

Sugar prices have rallied sharply over the past two weeks, with NY sugar posting an 8-week high on Tuesday and London sugar posting a 10-month high. Sugar prices have climbed amid concerns that weak monsoon rains in India will lower sugar yields and reduce the country’s sugarcane harvest, the world’s second largest. On Monday, India’s Meteorological Department reported that India’s cumulative monsoon rainfall was 20% below normal as of July 6. India’s Earth Science Ministry warns that this year’s monsoon in India could be the weakest in 11 years. India’s monsoon season runs from June through September.