Sugar May Decline in N.Y., London on Output Gains, Survey Shows

Sugar may decline next week on speculation that demand will be met by increased global output.

Eight of 12 traders, analysts and brokers surveyed by Bloomberg News said raw sugar traded inNew York will fall, while one said it will rise. Three were neutral. Before today, the commodity dropped 3.9 percent this week to 28.71 cents a pound on ICE Futures U.S.

Eight of 12 survey respondents said refined sugar on London’s NYSE Liffe exchange will drop, and two said it will gain. Two were neutral.

Refined sugar’s premium over raw sweetener will widen, according to six of 11 people surveyed. Three said it will narrow, and two expect it to be little changed.

Bullish on raw sugar:     1    Bearish:   8    Neutral:  3
Bullish on refined sugar: 2    Bearish:   8    Neutral:  2
Widening refined premium: 6    Narrow:    3    Neutral:  2

 

(Source: http://www.bloomberg.com/news/2011-03-11/sugar-may-decline-in-n-y-london-on-output-gains-survey-shows.html)