NEW YORK: Hedge funds that bet big on a sugar rally are being rewarded with the biggest advance for the commodity since 2013 amid a looming global shortage of the sweetener.
Money managers have more than tripled their bullish wagers in just two weeks, increasing their net-long position to the highest in more than a year. A strengthening El Nino weather pattern is posing a threat to output in Australia just as production declines from mills in India to Brazil, the world’s top grower and exporter.
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