Sugar Declines as Price Drop Is Seen Needed to Curb Glut
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Raw sugar fell the most in a month on prospects of a third consecutive global surplus. Orange juice and cocoa also dropped, while cotton rose.
Global sugar supplies will exceed demand by 6 million metric tons in the 12 months starting in April, Carlos Murilo Barros de Mello, a managing director at Macquarie Group Ltd., Australia’s largest investment bank, said in an interview in Dubai yesterday. Prices have slumped 26 percent in the past year as farmers increased plantings.