Traders look to China as global sugar stocks climb

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Canada Goose sale DUBAI, Feb 5 (Reuters) China is canada goose stockists uk storing a growing mountain of sugar it does not want or need as inflated domestic prices, designed to protect farmers who face some canada goose outlet paypal of the world highest production costs, attract imports from a global market overflowing with supplies. Canada Goose sale

canada goose clearance A more than doubling of stocks last season had led many to expect canada goose shop uk China to sharply reduce purchases in 2012/13 but imports now look set to exceed expectations, traders and analysts attending canada goose jacket outlet sale the Feb. 2 5 canada goose outlet in uk Kingsman Dubai sugar conference said. canada goose clearance

canada goose clearance sale Chinese took people by surprise last year. Early guesses for imports for China this year were between zero and 2 million tonnes, Michael McDougall, senior vice president at Newedge USA, said. canada goose clearance sale

Canada Goose Jackets McDougall said China may want to maintain high domestic prices to transfer wealth between the urban and rural areas they could surprise to the canada goose outlet houston upside this year. Canada Goose Jackets

cheap canada goose uk It canada goose outlet locations in toronto is seeking to support its rural economy to help tackle canada goose outlet ontario rapid urbanization. Department of Agriculture. There are 1.9 million tonnes of duty free imports allowed and tariffs are payable on additional supplies of of quota sugar. cheap canada goose uk

buyers continue to import out of quota sugar https://www.gooseoutletvip.com that the country does not need. This opens canada goose outlet phone number up the possibility of China becoming the canada goose outlet los angeles of last resort for the canada goose outlet boston world sugar market, Jonathan Kingsman, head of agriculture at news provider Platts, said.

uk canada goose outlet He said he believed China was building new warehouses to accommodate additional supplies. important source uk canada goose outlet

canada goose coats USDA pegged China sugar canada goose outlet mall stocks at the start of the 2012/13 season at 3.605 million tonnes, up from 1.621 million tonnes a year earlier. canada goose coats

Canada Goose online China has among the highest sugar production costs in the world at around 30 cents per lb, compared with roughly 18 19 cents per lb in Brazil. Canada Goose online

Cane costs some $75 per tonne in China, compared with around $30 per tonne in Brazil and Thailand.

SUGAR SMUGGLED A drop in the global raw sugar canada goose outlet location price to less than 20 cents a lb from a peak of more than 36 cents set almost exactly two years ago has created a huge gap between domestic prices in canada goose outlet jackets China and the cost of imports.

cheap Canada Goose This has sparked smuggling, which officials estimate at between 500,000 and canada goose outlet reviews 1 million tonnes a year as well as legitimate tariff paying imports. cheap Canada Goose

Mike Gorrell, head of the Imperial Sugar Company, a unit of Louis Dreyfus Commodities, said China could potentially import 2 3 million tonnes of sugar this year.

Canada Goose Parka they want it, they can do it, he said. Canada Goose Parka

Several delegates in Dubai said the Chinese were likely to pile into the market again if the price was right even canada goose outlet vancouver though they had accumulated hefty stocks last year.

canada goose uk outlet stockpiling does not mean they won step up again if the price is right, said Toby Cohen, canada goose uk head of analysis at London based merchant Czarnikow. canada goose uk outlet

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Cohen said China stocks to use ratio could potentially goose outlet canada rise to between 50 and 70 percent, from current levels of around 35 percent.

Jonathan Drake, head of RCMA Sugar, said that Chinese canada goose factory outlet toronto location buying of some 4 million tonnes last year accounted for around 8 percent of global trade, and Chinese participation in the global trade was not substantial enough to drive the international sugar market.

uk canada goose Jamal Al Ghurair, head of the Al Khaleej Dubai refinery, one of the biggest refineries in the world, told Reuters he believed that ICE raw sugar prices could fall to close to 16 cents canada goose parka outlet uk per lb this year from their current levels of just over 18 cents, pressured by over supply from top exporter Brazil and weak demand from Russia. (Editing by Nigel Hunt and William Hardy) uk canada goose.