Sugar Declines as China Says It Will Sell From State Reserves
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Sugar fell for a second day in London and New York as China said it will make sales from reserves to stabilize the market and curb price increases.
China will offer 200,000 metric tons of sugar on Nov. 22, according to a statement posted on the Ministry of Commerce website. The cabinet is drafting measures to stem the fastest inflation in two years, Premier Wen Jiabao said yesterday. Prices also dropped today as European Union finance ministers started work on possible aid for Ireland’s debt-laden banks.