Production in Maharashtra, India’s largest producer of refined sugar, dropped 29 percent from Oct. 1 to Nov. 20 as rains slowed harvests, the Maharashtra State Cooperative Sugar Factories Federation Ltd. said last week. The country is unlikely to permit unrestricted exports until January as the government awaits a “dependable estimate” of output, Sucden India Pvt said Nov. 26.
“Downward revisions of production in China, Indonesia, Australia, and recently India suggests that supply tightness is ahead and should translate in firmer physical values,” Naim Beydoun of Swiss Sugar Brokers in Rolle, Switzerland, wrote in a note dated yesterday.
White, or refined, sugar for March delivery gained $5.70, or 0.8 percent, to $724.10 a metric ton on NYSE Liffe at 10:23 a.m. London time, following a 5.8 percent advance last week. Raw sugar for March delivery added 0.24 cent, or 0.8 percent, to 28.49 cents a pound on ICE Futures U.S. in New York.
Shipments from Queensland Sugar Ltd., which handles more than 90 percent of Australia’s exports, may drop 14 percent for the year ending June 30, Chief Executive Officer Neil Taylorsaid Nov. 24.
Ivory Coast Election
Six people were killed in clashes in the build-up to Ivory Coast’s election in which a candidate representing the rebel- held north is pitted against an incumbent who draws support from the south. Voting finished yesterday in the world’s top cocoa grower, where the violence prompted the government to impose a nighttime curfew for six days to Dec. 2 as votes are counted.
Cocoa for March delivery gained 0.3 percent to 1,879 pounds ($2,930) a ton in London. The chocolate ingredient for March delivery was little changed in New York at $2,793 a ton, after earlier today gaining as much as 1.9 percent to $2,846.
Ivory Coast has been divided between the north and the government-controlled south since an uprising in 2002. Supporters of President Laurent Gbagbo hold opposition leader Alassane Ouattara responsible for the revolt, while rebels blame the government for treating northerners as second-class citizens.
Robusta coffee for March delivery slid for a fourth day, declining $33, or 1.8 percent, to $1,802 a ton on NYSE Liffe. The price retreated 3.9 percent last week.
Farmers in Vietnam, the world’s biggest grower of the robusta variety used in espresso and instant drinks, started harvesting coffee after rains delayed picking by almost a month, local traders said last week.
Arabica coffee for March delivery was 0.6 percent lower at $2.0145 a pound in New York.
(Source: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a_6mTocQ4MaM)
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