Sugar has longest rally since 2008 on fund-buying speculation
Thursday, 17 June 2010
LONDON, June 16 (Bloomberg): Sugar rose for a 10th day in London, the longest streak in two years, on speculation that investment funds may be buying the sweetener.
"There's residual demand and not a lot of sugar going around," Jake Wetherall, a trader with Rabobank International Ltd in London, said by phone. "It is also probably attracting a little bit of interest from funds."
White, or refined, sugar for August delivery advanced $7.10, or 1.3 per cent, to $535.10 a metric ton on the Liffe exchange at 10:51 am local time. The current streak of gains is the longest since June 2008. The contract is at a premium of about $56 to October-delivery sugar, a so-called backwardation indicating decreased availability.
Raw sugar for October delivery climbed 1.3 per cent to 16.15 cents a pound on ICE Futures US in New York.
"There's residual demand and not a lot of sugar going around," Jake Wetherall, a trader with Rabobank International Ltd in London, said by phone. "It is also probably attracting a little bit of interest from funds."
White, or refined, sugar for August delivery advanced $7.10, or 1.3 per cent, to $535.10 a metric ton on the Liffe exchange at 10:51 am local time. The current streak of gains is the longest since June 2008. The contract is at a premium of about $56 to October-delivery sugar, a so-called backwardation indicating decreased availability.
Raw sugar for October delivery climbed 1.3 per cent to 16.15 cents a pound on ICE Futures US in New York.