Dubai's Al Khaleej sugar refinery, one of the world's largest, has bought the first cargoes of raw sugar from India in two years, rather than from its traditional supplier Brazil. Trade sources said Indian mills had incentives to offer sugar for export from stocks due to low domestic prices, which are below the world price.
The Indian deal was for 100,000 tonnes of raw sugar for December to February shipment, $20 per tonne cheaper than Brazilian supplies, a senior Al Khaleej company official said. Raw sugar futures on ICE were trading around 6 percent below a one-year high touched last Friday after a fire ravaged Brazilian supplier Copersucar's port terminal in Santos. Copersucar is a traditional supplier of Al Khaleej.
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