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Sugar slides after Indian cane escapes floods

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Sugar suffered steep setbacks in both New York and London, after reports that Indian sugar crops had escaped flood damage eased some of the pressure on the market.

Indian Farm Commissioner NB Singh said that while heavy rains had inundated some oilseed, grain and cotton crops in the south and west of the country, there were no reports of damage to standing sugarcane.

The sugar squeeze in India - the world's biggest consumer, which faces a second year of production falling behind demand - has been one of the major props to the rally in prices to 28-year highs in New York, and their highest-ever levels in London.

'Relentless bears'

Sucden Financial said the report was the "straw which broke the camel's back" in sugar markets, encouraging latent selling pressure.

Czarnikow Group, the sugar merchant, on Wednesday noted in New York's raw sugar market a "late-session attack from the relentless bears" who "once more aggressively sold the market down to test the previous low".

New York sugar for January tumbled 4.7% to 21.50 cents a pound before recovering some ground to stand at 22.00 cents a pound in late trade.

London sugar fell 5.6% to $553.90 a tonne before reviving to end at $574.60 a tonne, down 2.1% on the day.

"We saw a technical bounce, probably based on end user pricing and short covering," Sucden said.

By Agrimoney.com

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