Fire destroys huge sugar terminal in Brazil

Fire destroys huge sugar terminal in Brazil
Updated Mon 21 Oct 2013, 3:39pm AEDT

International sugar markets have reacted swiftly to one of the world's largest sugar terminals being destroyed by fire.

The price jumped 100 points in a single session on Friday to a 12-month high, amid speculation Brazilian sugar giant Copersucar's terminal could be out of action for at least the next six months.

Copersucar exports a total of 10 million tonnes annually from its four facilities in the port of Santos. That's more than three times Australia's total sugar exports.

But Green Pool Commodities analyst Tom McNeill says while the news has sent shockwaves around the industry - nowhere more so than in nearby Sao Paulo, where the world's major sugar players are meeting this week - the long-term impact is likely to be negligible.

More:
http://www.abc.net.au/news/2013-10-21/sugar-fire-sends-shockwaves-around-global-market/5035550