White sugar slumps to as buyers ‘fear’ decline

White sugar extended declines in London, falling to an eight-month low, as a four-day slump spurred buyers to hold off on expectations prices will go lower. White, or refined, sugar for May delivery dropped as much as $10.30, or 2.2 per cent, to $463.40 a metric ton on the Liffe exchange, the lowest since July 20. The contract was at $464 at 9:13 am local time. Prices retreated 6.7 per cent yesterday, the most in a year. Raw sugar futures for May delivery also declined, falling as much as 2.4 per cent to 16.17 cents a pound on ICE Futures US in New York, the lowest price since June 23. India will still have a net supply shortfall through at least September, and other buyers including China, Japan and Iran will also have deficits, Fortis Bank and VM Group said in a report yesterday. Robusta coffee for May delivery declined 0.3 per cent to $1,283 a ton on the Liffe exchange.