Indian sugar mills association

Sugar Rises OnDeley In Brazil

Date:	16 Jun 2011

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News ID:	567

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Sugar May Rise as Weather, Port Delays Curb Brazil Shipments, Survey Shows | Print | Sugar May Rise as Weather, Port Delays Curb Brazil Shipments, Survey Shows Sugar futures may rise on concern that dry weather and port delays will curb shipments from Brazil, the world’s biggest producer, according to a survey. Five of 10 traders, analysts and brokers surveyed by Bloomberg News said raw sugar traded in New York will advance next week. Four predicted a drop and one estimated little change. The price rose 6.9 percent to 25.16 cents a pound yesterday on ICE Futures U.S. in New York, the biggest gain in almost two years. “The problem is the largest origin, Brazil, is reluctant to sell,” Michael McDougall, a senior vice president at Newedge USA in New York, said yesterday in a report. “The supply situation will be tight.” Five of 10 survey respondents said refined sugar on NYSE Liffe in London will gain, three forecast a drop and two predicted little change. Refined sugar advanced 4.8 percent this week to $649.80 a metric ton yesterday. Refined sugar’s premium over raw sweetener will probably widen, according to four of 10 people surveyed. Three estimated the spread will narrow, and three predicted no change. In the attached chart, red bars are derived by subtracting bearish forecasts from bullish estimates for raw sugar, with readings above zero signaling that most respondents expect higher prices. The green line shows raw-sugar prices, and the blue line shows white sugar. To contact the reporters on this story: Leslie Patton in Chicago at lpatton5@bloomberg.net; Chris Kay in London at ckay5@bloomberg.net (Blomberg) < Prev Next >

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