China will offer 200,000 metric tons of sugar on Nov. 22, according to a statement posted on the Ministry of Commerce website. The cabinet is drafting measures to stem the fastest inflation in two years, Premier Wen Jiabao said yesterday. Prices also dropped today as European Union finance ministers started work on possible aid for Ireland’s debt-laden banks.
“Sugar fundamentals remain unchanged, with supply uncertainties in the coming months,”Naim Beydoun, a broker at Swiss Sugar Brokers in Rolle, Switzerland, wrote in a note dated yesterday. “On the futures market, renewed concerns over rising inflation in China and financial turmoil in Europe triggered widespread falls in stocks and commodities.”
White, or refined, sugar for March delivery lost $14, or 2.1 percent, to $652.70 a ton on NYSE Liffe at 11:35 a.m. London time. Prices reached $648.90, the lowest level since Oct. 7.
Raw sugar for March delivery dropped 0.69 cent, or 2.6 percent, to 25.62 cents a pound on ICE Futures U.S. in New York. Prices closed at a 29-year high on Nov. 9 and slid 21 percent in the following three sessions.
Robusta coffee for January delivery slipped for a fifth day in six, losing 1 percent to $1,838 a ton on NYSE Liffe. Arabica coffee for March delivery dropped 1 percent to $1.9845 a pound in New York.
Cocoa for March delivery gained 0.9 percent to 1,877 pounds ($2,981) a ton in London. The chocolate ingredient for March delivery also rose in New York, climbing 1.2 percent to $2,815 a ton.
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