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Sugar Rises in London as Consumption Grows

February 18, 2013 at 23:26 by Vladimir Vyun

Sugar rose today in London, following two consecutive weeks of decline, on speculation that the low price will attract traders. Consumption in Brazil is expected to pick up as the country is planning to use more cane for ethanol-making. There are also sings of increasing demand from Iraq, the third biggest importer of white sugar in the world. The Middle Eastern country imported 200,000 metric tons of the commodity last week and is expected to purchase 795,000 tons in 2012–13, according to the International Sugar Organization.

Low price and rising demand makes sugar attractive to investors. The general positive market sentiment, caused by favorable macroeconomic indicators, supports the grain too.

May futures for delivery of white (refined) sugar added as much as 1.6 percent to close at $497.90 per metric ton on NYSE Liffe today. The price has dropped 2.4 percent in the previous two weeks.

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

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