LONDON : ICE raw sugar futures jumped almost 5 percent on technical buying on Tuesday, as traders focused on drought in Russia and Pakistani physical buying. In the sugar market, prices were supported by a lowered forecast for Russian beet output for 2010/11 due to a severe drought, dealers said.
Traders also focused on Pakistani buying, with one European broker saying in a report that further Pakistani white sugar imports are a possibility, amid concerns over how badly Pakistan s output will be affected by floods. Pakistan bought 205,000 tonnes of white sugar on Monday from Al-Khaleej Sugar Co Dubai, the Trading Corporation of Pakistan said.
Courtesy: Business Recorder
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