Sugar Gains as Reduced Prices May Spur Demand; Cocoa Declines
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Sugar rose in London, rebounding from a second weekly drop, on speculation lower prices will spur demand at a time when millers in leading global producer Brazil may direct more cane to making ethanol. Cocoa fell.
Iraq, the third-biggest white-sugar importer, bought 200,000 metric tons last week. The country is forecast to bring in 795,000 tons in 2012-13, according to the International Sugar Organization in London. Millers in Brazil may choose to make more ethanol this year, said Marex Spectron Group in London.