Raw Sugar Surges to One-Year High as Fire Hits Brazil Port
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Raw-sugar futures jumped to the highest in almost a year after a fire left four injured and six warehouses “totally compromised” at the biggest port in Brazil, the world’s largest producer and exporter.
A blaze that is now under control started at the port of Santos at about 6:10 a.m. local time, affecting the six depots owned by Copersucar SA and destroying 180,000 tons of raw sugar, the Sao Paulo-based company said in statements today. Copersucar didn’t say when it plans to resume sugar loading at the port terminal, or how long it will take to rebuild the affected facilities.