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Twin slump in sugar, oil puts pressure back on Brazilian mills

Reuters  |  SAO PAULO 

By Marcelo TeixeiraSAO PAULO (Reuters) - A steep decline in sugar and oil prices over the last six months has diminished the hope of financial recovery for a number of Brazilian mills, and could put new dealmaking in the sector on hold, according to industry experts.Raw sugar prices in New York were hovering around 13 cents per pound, down around 40 percent since the fourth quarter of 2016 to a level analysts and millers say is close to production costs in Brazil's centre-south.At the same time, an ongoing slump in oil prices has led state-controlled oil firm Petrobras to repeatedly cut ...

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First Published: Thu, July 13 2017. 00:51 IST
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