June 23, 2020 / 3:28 PM / 17 days ago

Copersucar says bulk of sugar sales hedged; sees ethanol market recovery

SAO PAULO/NEW YORK, June 23 (Reuters) - Brazilian sugar and ethanol merchant Copersucar SA said on Tuesday that the bulk of its sugar sales for the 2020-21 season has been already hedged, as the company prepares for a busy sugar trading campaign in the new season.

Copersucar, who partners Cargill in the world’s largest sugar trader Alvean Sugar SL, sees global demand for sugar stable in 2020-21 despite a sharp increase in Brazilian exports. The company, which controls U.S. ethanol trader Eco-Energy, sees a gradual recovery in the global ethanol markets and possibly higher U.S. exports to Brazil later this year.

Reporting by Roberto Samora and Marcelo Teixeira Editing by Chizu Nomiyama

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