BLBG: Sugar May Advance in N.Y., London on Tight Supply, Survey Shows
Sugar futures may advance next week on mounting concern that production will trail demand.
Five of 12 traders, analysts, and brokers surveyed by Bloomberg News said raw sugar traded in New York will rise, while four said it will decline. Three were neutral. Before today, prices fell 1.8 percent this week to 28.86 cents a pound on ICE Futures U.S.
Refined sugar may gain on London’s NYSE Liffe, said five of 10 respondents. Four said it will fall, and one was neutral.
Seven of 10 people surveyed said refined sugar’s premium over raw sweetener will widen. One said it will narrow, and two expect it to be little changed.
Bullish on raw sugar: 5 Bearish: 4 Neutral: 3
Bullish on refined sugar: 5 Bearish: 4 Neutral: 1
Widening refined premium: 7 Narrow: 1 Neutral: 2
To contact the reporter on this story: Chris Prentice in New York at Cprentice3@bloomberg.net; Isis Almeida in London at ialmeida3@bloomberg.net
To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net.