International Sugar Organization News
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Sugar fell to the lowest level since 2010 in New York after Goldman Sachs Group Inc. cut its price forecasts, citing improved weather in leading producer Brazil in the second half of last month. Cocoa retreated.
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Kenana Sugar Co., Sudan’s biggest producer of the sweetener, said it plans to raise about $200 million in an initial public offering in Johannesburg next year.
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An end to sugar quotas in the European Union, expected by the EU Council as early as 2017, may promote trade of the sweetener within Africa as Ethiopia and Nigeria plan to raise output, said Ecobank Transnational Ltd.
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China’s plan to cut sugar imports by stockpiling the sweetener is backfiring as traders are importing even more because government purchases from local producers are helping keep domestic prices high.
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The global sugar surplus for the 2012-13 season started Oct. 1 will be 38 percent bigger than estimated in November partly because of more supplies from top grower Brazil, the International Sugar Organization said.
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Sugar output in India, the biggest producer after Brazil, is set to decline for a second year as a drought curbs planting, potentially increasing imports. Prices in New York advanced.
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Indian farmers may reap at least 6 percent more sugar than forecast by the government and industry, extending the longest global glut in more than a decade and a bear market that began in September.
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Sugar rose in London, rebounding from a second weekly drop, on speculation lower prices will spur demand at a time when millers in leading global producer Brazil may direct more cane to making ethanol. Cocoa fell.
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Sugar fell to the lowest level in more than two weeks in London amid a third consecutive year of surpluses. Cocoa and coffee retreated as commodities slid.
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Sugar exports from the European Union to Syria soared last year as war disrupted local refining.
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