London (AFP) Feb 3, 2011
Sugar prices fell back Thursday from a 30-year peak reached a day earlier as cyclone Yasi prepared to strike Australia, the dollar weakened and oil prices extended gains above $100, analysts said.
The price of unrefined sugar for delivery in March had on Wednesday reached 36.08 US cents a pound on the New York Board of Trade -- the highest level since 1980.
In London, a tonne of white sugar for March scored £857 on Wednesday -- the highest point since 1987.
"Amidst a welter of concern regarding potential damage caused in Australian cane growing areas by the approaching cyclone Yasi, a weaker dollar and high energy prices, sugar posted... 30 year highs yesterday," said Nick Penney, an analyst at Sucden Financial brokers.
Severe Tropical Cyclone Yasi, a top-category storm, hit the Australian coast early Thursday, the country's weather bureau said, packing destructive winds which were expected to rage for hours.
Sugar futures also benefited from a weaker dollar, which made the commodity cheaper for holders of other currencies, boosting demand.
Finally, oil's surge above $100 a barrel in recent days has increased demand for ethanol, a cheaper version of gasoline, or motor fuel, that is made using cane sugar.
Share This Article With Planet Earth
Farming Today - Suppliers and Technology
Innovation Of The Week: Giving Farmers A Reason To Stay
Washington DC (SPX) Feb 02, 2011
While the coast of The Gambia is a popular-and economically thriving- tourist destination for European vacationers, the inland portion of the country provides little means for young men to make a living. Many leave their villages for the coast or even other countries, in hopes of making more money in urban areas. This economic disparity within The Gambia, coupled with its agricultural pote ... read more
GOES-13 Satellite Sees Groundhog's Day On Ice|
Eruption Of Colima Volcano
Traffic Monitoring With TerraSAR-X/TanDEM-X Satellite Constellation
Veteran ERS Satellite Provides New Insight Into Greenland's Plumbing
JAXA Selects Spirent For Multi-GNSS Testing
Nokia in maps tie-up with China's Sina, Tencent
Russia To Launch New Batch Of Glonass Satellites By June
Raytheon To Open GPS Collaboration Center In SoCal
Forests could start growing again: UN expert
Indonesia makes startling admission on forests
Concern at British plan to rent out forests
Timber smuggling rife in Kashmir
Malaysian forests destroyed for palm oil
Rentech Fuels First Cross-Country Drive On 100 Percent Synthetic Diesel
Malaysian peatswamps obliterated for palm oil: study
Scania Receives Large Order For Biofuel Buses In Sweden
Enecsys Solar PV Micro-Inverter Gain UL Certification
Duke Energy And SunEdison Announce Completion Of Solar Farm
Pepco Energy To Implement PV Project For US DoE
GSLO Expects Booming iPhone Sales To Drive Demand For Volt
Construction Begins On Dempsey Ridge Wind Project
India's Suzlon wins $1.28 bn wind power deal
German wind sector hopes for 2011 comeback
U.S. behind China in wind power energy
China mine blast death toll up to 26: state media
Seven found dead in China mine flood: state media
China mine flood traps at least seven: state media
29 still trapped in New Zealand coal mine
How the Chinese rabbit became a cat in Vietnam
Fireworks, lion dances greet Year of the Rabbit
China orders pro-party reporting: rights groups
Man's best friend wins in China's economic boom
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement|