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The amount of sugar awaiting loading at ports in top producer Brazil climbed 7.7 percent over the past week, according to shipping agency Williams Servicos Maritimos Ltda., as demand increased.
About 1.56 million metric tons of sugar was waiting to be loaded onto ships at the ports of Recife, Maceio, Vitoria, Paranagua and Santos, the country’s biggest, figures e-mailed yesterday from the Recife, Brazil-based shipping agency showed. That compares with 1.45 million tons a week earlier. Demand for Brazilian sugar is emerging from countries including India and China, Naim Beydoun, a broker at Rolle, Switzerland-based Swiss Sugar Brokers, said yesterday.
Most of the raw sugar shipments were bound for Algeria, Egypt, Malaysia and India, the world’s second-biggest producer and top consumer. Vessels heading to Algeria would take 134,200 tons of raw sugar, while another 101,300 tons were bound to Egypt, the data showed. Ships scheduled for Malaysia would take 95,700 tons and 85,000 tons were headed for India.
“Nominations of shipments from Brazil remain strong,” Beydoun said in a report e-mailed yesterday. That’s supporting prices buyers have to pay in the physical market in relation to the futures market.
Shipments of white and crystal sugar were scheduled for Africa. Vessels bound to Ghana would take 56,500 tons, while another 41,300 tons would go to Libya, according to Williams Brasil. Unidentified ports in West Africa were also scheduled to receive 35,000 tons, the data showed.
Demand for white sugar is coming from Iraq, Libya, Sudan and Syria, Beydoun said in the report.
White, or refined, sugar for March delivery was little changed at $496.30 a ton by 12:15 p.m. on NYSE Liffe in London. Raw sugar for March delivery slid 0.5 percent to 18.62 cents a pound on ICE Futures U.S. in New York.
To contact the reporter on this story: Isis Almeida in London at Ialmeida3@bloomberg.net
To contact the editor responsible for this story: Claudia Carpenter at Ccarpenter2@bloomberg.net.