May 6 (Bloomberg) -- Sugar prices jumped to the highest since 2006 as a global industry group forecast a wider production deficit. Cocoa futures declined.
The International Sugar Organization boosted its estimate for the deficit to 7.8 million metric tons from a February forecast of 4.3 million. Declining output in India and other Asian countries is outpacing increases in Brazil, the world’s biggest producer, Sergey Gudoshnikov, the group’s senior economist, said today in an interview in New York.
“Sugar is still bullish when you look at the fundamentals,” said Mark Hansen, the director of trading at CPM Group in New York. “There have been big declines in India’s production, which is impacting the market.”
Sugar futures for July delivery rose 0.21 cent, or 1.4 percent, to 15.36 cents a pound on ICE Futures U.S. in New York. Earlier, the price reached 15.41 cents, the highest for a most- active contract since July 26, 2006. The commodity has surged 30 percent this year on supply concerns.
India, the world’s biggest consumer of the sweetener and the second-biggest producer, has become a net importer of the commodity for the first time in three years to bridge a gap in annual output that was forecast to slump 44 percent. The drop in the 12 months ending Sept. 30 will be the most on record, according to Czarnikow Group Ltd. more...
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