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Sugar & Cocoa Decline on European Problems

May 7, 2010 at 20:13 by Vladimir Vyun

White sugar dropped to the 10-month low in London on expectations of high supply from Brazil and India. Brazil’s output surged and supply may exceed demand in India, turning the biggest buyer into exporter. Increasing supplies together with continuous troubles in Europe cause experts to be bearish in their outlook for sugar. August delivery for white sugar dropped $11 (2.5 percent) to $431.50 per metric ton on Liffe exchange as of 10:39.

Cocoa futures tumbled today as commodities followed decline of global equities. The global economic recovery may be slowed, hurting commodity prices, by the spreading contagion of Greece’s fiscal crisis. The Standard & Poor’s 500 Index may are heading toward the largest weekly decline since March 2009. July futures for cocoa delivery sank $178 (5.6 percent) to $3,025 per metric ton by 11:55 on ICE Futures U.S. in New York.

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