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The world sugar market closed the week with significant increases, says Cubazucar.

In New York, unrefined future sugar retail sales for July closed at 16.65 cents a pound while in London, refined sugar retail sales for August closed at $23.60.

India signed a contract to buy 2.5 million metric tons of crude sugar, up from the 1.8 million metric tons of last October.

Although the reminder is to arrive before the July 1st tax free purchase license expiry the government is studying an extension to ease the current shortage.

Production for the 2009/10 national campaign ranges between 17.5 and 18.5 million metric tons, below the original of over 20 million metric tons estimates owed to delayed Monsoon rains.

The 2009/10 unrefined sugar output estimates in Australia rounds 4.42 million ton, 2.9 percent below March predictions.

Source: Prensa Latina

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