Raw, refined sugar may rise
Tuesday, 22 December 2009
LONDON, Dec 21 (Bloomberg): Raw-sugar futures and refined-sugar contracts may rise this week on speculation that supplies will remain tight, according to a survey.
Six out of 10 traders, analysts and brokers surveyed last week forecast that raw sugar traded in New York would rise. Two predicted a drop, and two said it would be little changed. Raw sugar gained 9.8 per cent to 26.34 cents a pound last week.
Output in India, the top consumer of the sweetener, fell 9.6 per cent in the first two months of the season that began Oct. 1 from a year earlier, the Indian Sugar Mills Association said. Brazil's new crop is still two to three months away, analysts said.
Six of nine respondents said white sugar traded in London would gain and three said the price would slump. White sugar rose 8.3 per cent to $678.30 a metric ton last week.
Six of nine said refined sugar's premium over raw sweetener would widen, two said it would narrow and one said the gap would be little changed.
Six out of 10 traders, analysts and brokers surveyed last week forecast that raw sugar traded in New York would rise. Two predicted a drop, and two said it would be little changed. Raw sugar gained 9.8 per cent to 26.34 cents a pound last week.
Output in India, the top consumer of the sweetener, fell 9.6 per cent in the first two months of the season that began Oct. 1 from a year earlier, the Indian Sugar Mills Association said. Brazil's new crop is still two to three months away, analysts said.
Six of nine respondents said white sugar traded in London would gain and three said the price would slump. White sugar rose 8.3 per cent to $678.30 a metric ton last week.
Six of nine said refined sugar's premium over raw sweetener would widen, two said it would narrow and one said the gap would be little changed.