30/03/10 – Sugar climbed for the second straight day in New York on speculation that importers will boost purchases following a price slump. Orange juice also rose, snapping a six-session slide.
Demand for sugar by Iraq may have helped support prices, David Sadler, the head of trading at Sucden Financial Ltd. in London, said in a report. India, the world´s biggest sugar consumer, may order makers of cookies and beverages to rely on imports in order to bolster domestic supplies, a government official said yesterday.
“You will find some bottom pickers in the market,” said Adam Klopfenstein, a senior market strategist at Lind-Waldock, a broker in Chicago. “In the short term, the supply deficit remains.”
Raw sugar for May delivery rose 0.12 cent, or 0.7 percent, to 17.63 cents a pound at 9:52 a.m. on ICE Futures U.S. Yesterday, the price climbed 3 percent.
Before today, sugar plunged 35 percent this quarter, heading for the biggest drop since 1985, on speculation that global output will rebound. Prices more than doubled last year as adverse weather reduced crops in Brazil and India, the world´s biggest producers. | 