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Sugar Purchases Increase on Falling Price, Gold Decline

March 19, 2010 at 20:01 by Vladimir Vyun

Analysts say that importers will likely increase purchasing of sugar after prices for the sweetener dropped. Raw sugar has tumbled as much as 37 percent from $0.304, the record in 29 years reached on February 1st, on speculation that global deficit will ease. Global production was hampered by adverse weather conditions in Brazil and India in the previous year. Australia, the third biggest exporter in the world, may increase its sugar production by 10 percent this season in case favorable weather remains. May delivery for raw sugar rose 3.8 percent to $0.1903 per pound yesterday in New York.

Gold fell as buyers regained confidence in world economy, curbing appeal of the precious metal as an alternative haven. Sales of all types of gold coins dropped to 53,930 ounces in the first two months of this year, compared with 267,091 ounces in the same period in 2009. Immediate delivery for bullion dropped 0.5 percent to $1,122.10 per ounce by 8:33 in London.

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