date:Jul 22, 2015
said Monday in a telephone interview.
Energy Slump
The drop in energy prices added to bearish sentiment in sugar because Brazilian ethanol producers have less incentive to use cane to make fuel, Cordier said. On Monday, crude-oil futures in New York fell to a three-month low.
With a lower energy price, more sugar is being refined for food, Cordier said. End-users who would normally build inventories at low prices continue to buy hand to mouth.
In the week ended July 14, hedge funds held a ne