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Australian Sugar Prices Start to Pick Up

04 September 2012

AUSTRALIA - After trending downward for the last five weeks, sugar prices have had a slight rally.

The October futures market gained about 0.2 of a cent per pound this week on evidence that China is buying more sugar than expected, the Brazilian crop is quite robust and speculators are selling more than usual, reports ABC Rural.

GreenPool Commodities analyst Tom McNeill says Guatemala's crop is also larger than expected.

Mr McNeill says the South American nation is showing an increasing interest in the Asian marketplace, recently sending sugar to Korea.

"They have also done a few cargoes in the last year or two into Japan, which has been quite unusual," he said.

"They're certainly a mid-ranking raw sugar supplier and increasingly looking to this region to slot a bit of sugar in."

TheCropSite News Desk

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