Terminals of Copersucar SA were engulfed in flames last Friday, which also was when the sweetener had reached its top price in nearly 12 months. Six warehouses were disabled and roughly 180,000 metric tons of sugar were discarded, the firm noted. On Monday, 1.03 million tons of sugar were waiting to be shipped from the main ports in Brazil, which was markedly less than the 1.295 million tons forecast one year ago.
"Vessel line-ups are below previous seasons, and physical flows should be able to handle this disruption," states a Tuesday report penned by analyst Kona Haque with Macquarie Group Ltd. in London, according to Bloomberg. "[S]ome delays in sugar port logistics over the next few weeks" may ensue, the report notes.
At 9:31 a.m. on Tuesday, sugar futures fell 0.1 percent, a 0.0002-cent loss to 0.194 cents per pound.
Reuters reports the Copersucar sugar terminal is the largest in the South American nation and is likely to prompt the firm to search for alternative shipment sites.
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