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Sugar Traders Most Bearish in Three Months on Glut: Commodities

Sugar traders and analysts are the most bearish in almost three months on mounting speculation that supply will outpace demand for the first time in four years, creating a glut that may persist through 2013.

Nine of 13 people surveyed by Bloomberg expect raw sugar to drop on the ICE Futures U.S. exchange next week, the highest proportion since the end of July. The last time they were that bearish, prices fell 7.6 percent the following week. Speculators cut their bets on higher prices by 49 percent since the end of July, Commodity Futures Trading Commission data show. Traders also expect lower refined-sugar prices next week, and gains in gold, copper, corn and soybeans, separate surveys showed.