(Updates with sugar production in third paragraph.)
July 19 (Bloomberg) -- The Kenya Sugar Board, which regulates the nation’s industry, said it suspects traders in the East African country are hoarding supplies to sell at a higher price as drought reduces production.
“We suspect that traders are hoarding sugar waiting for prices to shoot up,” said Patricia Njeru, the board’s head of planning, by phone today from the capital, Nairobi.
Kenya consumes 780,000 metric tons of sugar a year and produces 520,000 tons, leaving a deficit of 260,000 tons, according to Njeru.
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