Global sugar prices still to bottom out as Brazil adds to glut.

Prices of raw sugar globally are in a free fall for the last three-four months and a further downside is expected by next month. Prices of raw sugar on Intercontinental Exchange fell to a 16-month low of 12.53 cents per pound in the last week of June. Though prices rebounded to 14-cents-per-pound mark earlier this week, the gains were short-lived. In the main centre-south growing region (of Brazil), the proportion of sugarcane that is turned into sugar is set to increase to 48%, following a figure of 46.3% in the last crop year. Prices of the sweetener may slip further mainly due to expectation of bumper global production in the next season.