BLBG: Sugar Prices May Advance Next Week on Brazil Port Delays, Survey Shows
Sugar may rise next week as port congestion hampers supply from Brazil, the world’s top producer.
Six of 12 traders, analysts and brokers surveyed by Bloomberg News said that raw sugar prices in New York and refined sweetener in London will likely advance. One forecast little change, and five respondents said they would decline.
Before today, raw sugar for July delivery gained 2.3 percent this week to 23.52 cents a pound on ICE Futures U.S., while refined-sugar futures climbed 3.9 percent on London’s NYSE Liffe.
Refined sugar’s premium over raw sweetener probably will widen next week, according to four of 12 respondents. Three said the spread will narrow, and five forecast little change.
Bullish on raw sugar: 6 Bearish: 5 Neutral: 1
Bullish on refined sugar: 6 Bearish: 5 Neutral: 1
Widening refined premium: 4 Narrow: 3 Neutral: 5
To contact the reporters on this story: Debarati Roy in New York at droy5@bloomberg.net; Isis Almeida in London at ialmeida3@bloomberg.net
To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net
