Stay updated with breaking news from Mauro Angelo. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Consecutive years of deficits, weather damage in key crops and shipping bottlenecks are reminding the world’s top sugar trading company of 2010 and 2011, when prices of the sweetener hit a three-decade high.
India isnt expected to ship any sugar for the season that just started, a shift from two seasons ago when exports were as much as 11 million tons. That means markets are depending on Brazil, Mauro Angelo, chief executive officer at Alvean, a trading house controlled by Brazilian producer Copersucar SA said, making prices extremely sensitive to issues like untimely rains that threaten to disrupt harvests or delay ship loadings.
Approximately 70 vessels are waiting some 20 days to load over 3 million tons of sugar in the country, shipping agency SA Commodities said.
'The dependence that the world is creating on Brazilian sugar is frightening,' Mauro Angelo, chief executive officer of Alvean, the world’s largest sugar trader, said.
Approximately 70 vessels are waiting some 20 days to load over 3 million tons of sugar in the country, shipping agency SA Commodities said.