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Sugar Falls for a Fifth Day on Thai Output, China Inflation; Coffee Drops
04.05.2011 14:56 "Agro Perspectiva" (Kyiv) —
Sugar fell for a fifth day in London after production in Thailand, the world’s second-largest shipper, increased and on concerns that China may take further steps to contain inflation. Coffee also retreated.
Sugar output in Thailand may climb to 9.8 million metric tons for the current season, according to researcher F. O. Licht. The People’s Bank of China said stabilizing prices and managing inflation expectations are «critical,» after policy makers from India and Brazil yesterday signaled further tightening is possible.
«Demand for physical sugar is slow,» Connor Noonan, an analyst at Castlestone Management Ltd. in London, said in an e- mail today. «That, combined with inflation fears in India and China, as well as a large Thai crop, will put downward pressure on the markets.»
White, or refined, sugar for August delivery fell $5.40, or 0.9 percent, to $604.10 a ton by 9:46 a.m. on NYSE Liffe in London. Raw sugar for July delivery slid 0.05 cent, or 0.2 percent, to 22 cents a pound on ICE Futures U. S. in New York.
Thai sugar production had reached 9.6 million tons by the beginning of this month, up from 7.2 million tons a year earlier, F. O. Licht said in a report covering the April 25-May 2 period. Thai exports could reach an all time-high of 7 million tons this season, it said.
«The gigantic Thai crop is weighing on prices, while the slow start to top-producer Brazil’s Center South cane harvest proved unable to stop the decline and only seems to keep losses in check,» the researcher said.
Brazil’s sugar cane harvest was delayed due to rains, while ethanol production has been the favored use for cane amid soaring prices for the biofuel.
Brazilian Harvest
Robusta coffee for July delivery retreated $11, or 0.4 percent, to $2,600 a ton in London. Arabica coffee for July delivery fell 0.1 percent to $3.0575 a pound in New York. The price yesterday touched $3.089, the highest level since May 1997.
Coffee growers in Brazil, the world’s largest producer, are accelerating the harvest to take advantage of prices, Margarete Boteon, an analyst at Cepea, a University of Sao Paulo research group, wrote in a report yesterday.
«Some small volumes of the 201112 season have been placed to trade,» she said.
Cocoa for July delivery was little change at 1,982 pounds ($3,271) a ton on NYSE Liffe. Cocoa for July delivery gained $6, or 0.2 percent, to $3,277 a ton on ICE.
To contact the reporter on this story: Isis Almeida in London at ialmeida3@bloomberg.net
To contact the editor responsible for this story: Claudia Carpenter at
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