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Good crop prospects press sugar price
Prospects for a crop surplus in the futures markets currently provide for a falling price of sugar. Reasons are the increase in self-cultivation of the Chinese and the rising popularity of alternative sweeteners.
The price of sugar is currently on the decline.
Frankfurt Positive harvest prospects have led on Thursday on the futures markets to falling sugar prices. Raw sugar on the New York ICE for delivery in March, prices were down 2.6 percent to 20.71 U.S. cents per pound. The traded on the London Liffe white sugar for delivery in December cost $ 576.7 with 2.3 percent less per ton. Traders justified the price drop with the prospect of a surplus crop in the marketing year 2012/13, the last week had begun. In the previous year, a surplus was generated.
According to a Reuters poll of analysts, the Chinese sugar imports in the new crop year fall by about half. One reason for this is that in China more sugar is grown and harvested as previously. In addition, analysts say alternative sweeteners gain more market share.
