Record high for white sugar

White sugar futures has hit a record high for a seventh straight trading session and dealers predicted further rises through $750 (€524) a tonne soon driven by increasing import demand by top consumer India.

Raw sugar nudged close to a 29-year high on prospects for strong demand by key markets, including Indonesia, Egypt and Pakistan. This is despite countered pressure from the stronger dollar.

Mills in top producer Brazil are still crushing cane from the 2009/10 season despite wet weather and low yields, amid expectations of another global deficit and low stocks.

Dealers focused on a sugar import ban in India’s Uttar Pradesh state, a key sugar producing area, saying that as substantial raw sugar was locked up in ports, more white sugar imports were inevitable.