China sugar makes for even more bearish global market

October 03, 2012 at 9:01 AM

Eliza Rogers

The end of the October raw sugar contract delivered only 600,000 tonnes and finished at 19.85 US cents a pound.

Tonnage was lower than expected and concentrated mainly in Brazil, and now Australian growers are grappling with news China's sugar industry has revised its forecast massively to more than 14 million tonnes.

Tom McNeill from Green Pool Commodities says it's another million or more tonnes to contend with in an already bearish global sugar market.