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Sugar Falls, Orange-Juice & Rubber Rise

May 28, 2010 at 18:38 by Vladimir Vyun

Sugar prices dropped as Brazil’s output rose this year and India may increase production in the year starting October 1st. Prices’ downfall may cause decline in global supplies, as low prices make expanding production unprofitable. This may cause global deficit as demand continue to increase, leading to rebound of prices for the sweetener. July delivery for raw sugar dropped 2.9 percent to $0.1492 per pound in New York yesterday.

Orange-juice futures jumped today to the highest level in two weeks amid concerns that citrus groves in Florida, the second biggest citrus producer, will be harmed by hurricanes. Forecasts tell that this is an active year with 14 to 23 named storms in the season beginning June 1st and 8 to 14 among them will develop into hurricanes. July delivery for orange juice climbed $0.023 (1.6 percent) to $1.435 per pound by 10:03 a.m. on ICE Futures U.S.

Rubber rose today on signs of increasing demand in China, the largest buyer, which should outweighing concerns for decreasing demand from Europe. Chinese demand can boost rubber prices by at least 25 percent to the 30-year high. November delivery for rubber rose 1.8 percent to 286.20 yen as of 14:17 in Tokyo.

If you have any questions and comments on the commodities today, use the form below to reply.

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