Raw sugar sinks to year’s low as bulls scale back India expectations
London — Raw sugar slid to its lowest level this year on speculation that India, the top consumer, will not need to import as much as previously thought. While the Indian Sugar Mills Association (ISMA) cut estimates for sugar output this season, it said there’s no need to replace local supply with imports. Stockpiles will be sufficient to meet demand until new sugar arrives on the market in October, the association said. Funds have been reducing bullish bets following a 28% jump in prices in 2016, the most in seven years, led by expectations that a drought would boost Indian imports. "The market chat concerning India seems to be slipping away from the sugar bulls on a daily basis," Tom Kujawa, co-head of the softs department at Sucden Financial, said in an e-mailed report. Raw sugar futures for May delivery fell as much as 2.3% to 18.72c a pound on ICE Futures in New York, the lowest level since December 28. The white-sugar contract for May delivery dropped 1.5% to $526 a tonne in L...
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