There have been a number of cargoes originally bound for China that have ended up going to alternative destinations, said Tom McNeill, director of Green Pool, a commodities analyst in Brisbane.
Sugar prices rose at a slower pace last week in the domestic market in India, the world’s biggest consumer of the sweetener, because of improved rainfall, according to Green Pool Commodity Specialists Pty Ltd.
Buyers of raw sugar from Thailand, the world’s second-biggest shipper, are paying a smaller premium for the sweetener on higher supplies from other producing nations, according to Green Pool Commodity Specialists Pty Ltd.
* Thai raw premiums seen at 300 to 320 points
"The physical market seems pretty slow out. Sellers of Thai raws have got the luxury of sitting and waiting - there isn't a lot left," said Tom McNeill, director of Green Pool, a commodities analyst based in Brisbane.
The premium buyers pay to obtain raw sugar from Thailand, the world’s second-biggest exporter, slid over the past week as global demand for sweetener declines, according to Green Pool Commodity Specialists Pty Ltd.
Sugar cane output in Brazil’s center south, the main growing region of the world’s biggest producer, will be bigger than estimated due to higher agricultural yields, according to Green Pool Commodity Specialists Pty.
* India whites on offer at $600/T FOB, vs $590 last week
* Thai raw premiums at 2-year highs at 300-320 points
* Buyers may chase cheaper Brazilian raws
Sugar prices in India climbed to the highest in 18 months because of a delay to the monsoon rains, Green Pool Commodity Specialists Pty Ltd., a researcher based in Brisbane, Australia, said in a weekly report e-mailed today.
The premium buyers pay for raw sugar from Thailand, the second-biggest exporter, is “high” because of limited supplies from the Western Hemisphere, according to Green Pool Commodity Specialists Pty Ltd.