Reuters breaks news on white sugar purchases by China

Reuters was alone with news on March 24 that drought-hit China has purchased white sugar after futures prices dropped more than 40 pct while main consumer India wants to renegotiate contracts because of falling prices. The market has been abuzz with rumors about buying from China, one of the world’s main consumers, but Reuters was the only news agency which revealed the price the country paid for a tonne of white sugar, including freight. Dealers said the news helped a rebound in the futures market on March 24 but sentiment remained weak because Indian buyers were hoping to renegotiate contracts, which limits activity in the physical market.