Sugar High

Sugar prices have been trading at the highest levels for 28 years this week with ICE Futures US October raw sugar, the global benchmark, closing almost 6% higher at 22 cents/lb and refined white sugar trading on London's Liffe at US$543 per ton.

According to research by Barclays Capital, a lack of rainfall in India combined with unseasonably wet weather in Brazil, the world's largest producer, has provided a favourable backdrop for sugar prices.

India is the world's largest sugar consumer and second largest producer and is expected to import up to 5 million tons of sugar during the next crop season (October - September), twice as much as during this crop season, according to Commerzbank. The International Sugar Organization (ISO) is

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