Czarnikow, the London-based sugar merchant, has issued its second analysis of the 2010/11 sugar crop cycle. It suggests that the market could be in equilibrium rather than in surplus.
The comments are in contrast to the firm’s first analysis of the season in May, when it forecast the market returning to surplus on the back of record harvests in Brazil, the world’s largest producer, amid collapsing global prices.
“Although it is still...