LONDON—The price for sugar rose to its highest level this month in New York based on speculation that importing countries will increase purchases. The International Sugar Organization predicts demand will exceed output by 8 million metric tons in the 12 months ending in Sept. 2010. Predictions include Pakistan’s plans to buy 1.2 million tons by June, and Russia to buy an estimated 1 million tons or more by May.
This recent boost in activity has been spurred by attractive prices and a general supply deficit, in addition to reports that Brazil and India would harvest larger crops this year. Since its 29-year high in Feb. 2010, sugar futures have declined 42%.
