Raw sugar premiums have hardly moved as buyers turn their attention to the crushing season in Thailand which starts this week and could cut prices in coming weeks, dealers said on Wednesday.
Thailand has cut its forecast for sugar output in the year to October 2013, to 9.4 million tonnes from 10 million, because of poor rain, but the figure is in line with traders’ estimates of 9.3 million to 9.5 million tonnes.
“I guess sugar from the new crop must have been sold to trading houses. The sugar has been committed to traders,” a dealer in Bangkok said.
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