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LONDON, April 25 (Reuters) – Raw sugar futures fell to a 2-1/2 year low on Wednesday while white sugar dipped to the lowest level in more than nine years with prices weighed by a global supply glut.
SUGAR
* May raw sugar was down 0.28 cents, or 2.5 percent, at 10.86 cents per lb by 1142 GMT after falling to a low of 10.82 cents, the weakest for the front month since September 2015.
* Dealers said the market continued to be driven down by oversupply driven by rising production in India and Thailand.
* тАЬIt is India that is currently keeping the market on tenterhooks…2017/18 production, which was already expected to be high, is currently predicted to total more than 31 million tons, surpassing all previous expectations,тАЭ Commerzbank said.
* тАЬThis makes it more probable that India will place several million tons of sugar on an already very amply supplied global market тАУ be it in the form of (mandatory) export quotas or export subsidies. Sizeable surpluses are therefore anticipated on the sugar market in the current season.тАЭ
* August white sugar fell $7.30, or 2.25 percent, to $317.20 a tonne after dipping to a low of $316.60, the weakest for the front month since December 2008.
* ChinaтАЩs sugar acreage is set to increase by 5 percent in 2018 to 23.5 million mu (1.6 million hectares), reported ChinaтАЩs state broadcaster, citing Chinese commodities consultancy Zhuochuang.
