Reuters reports a fire has ravaged Copersucar's sugar terminal in Brazil on Friday, paralyzing operations of the world's biggest sugar trader and putting 10 million tonnes of export capacity offline for six months or more.
The fire hit all of Copersucar's warehouses at the Santos port, igniting 180,000 tonnes of sugar - roughly 10 percent of Brazil's monthly sugar exports - and driving prices of the sweetener to a one-year high on global markets. Copersucar says nearly a fifth of the world's sugar exports flows through its trading desks.
A conservative estimate would be six months to get this in operational form (again), reports Reuters based on comments from one trader. "The jewel in their crown has been effectively destroyed," the trader told Reuters.
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The fire hit all of Copersucar's warehouses at the Santos port, igniting 180,000 tonnes of sugar - roughly 10 percent of Brazil's monthly sugar exports - and driving prices of the sweetener to a one-year high on global markets. Copersucar says nearly a fifth of the world's sugar exports flows through its trading desks.
A conservative estimate would be six months to get this in operational form (again), reports Reuters based on comments from one trader. "The jewel in their crown has been effectively destroyed," the trader told Reuters.
Read more ...
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