 |
Following Platts' acquisition of Kingsman at the end of 2012, we invite you to our first co-hosted forum in which we will introduce you to the full range of sugar and biofuels prices that we now collectively offer, provide you with further information on how Platts do price assessments and, most importantly, how this will work for the sugar markets going forward. The forum will be followed by a networking cocktail and canapé reception.
To attend, please RSVP to: virginia_mainwaring@platts.com
We look forward to meeting you in Dubai.
Andrew Goodwin, General Manager, Platts & Jonathan Kingsman, Managing Director, Kingsman
|
| |
For almost a decade, we have had the pleasure of welcoming more and more delegates each year to our Dubai Sugar Conference. It is now recognised as the "must attend" event for all those involved in the global business of sugar, whether as producer, miller, refiner, trader, logistics provider, user or financier.
Over the years Dubai has developed as a hub for international trade and, in a similar way, the Kingsman Dubai Conference has developed as the hub of the world sugar trade.
One attendee wrote "more sugar is traded over the three days of the conference than over three months of normal business". Another has told us "attending the Dubai Conference enabled me to meet all my clients in one place and saved me months of travel to see them all separately".
But our Dubai Conference is not just a hub for networking; it is also renowned for the quality of its speakers and panellists and its hard-hitting focus on the questions that really matter. |
 |
The 2013 conference will be no different. The sugar world is moving into what will be its third year of global surplus and it is not clear that an easy solution can be found. Stocks are building but so far the market has been in denial, providing no incentive to carry forward stocks. At the same time, a high world price continues to send signals to many producers to expand.
This is not the case in Brazil where the industry is in crisis, having seemingly lost government support and left increasingly to its own devices. The government has told the industry to reduce costs, but that will not be easy. If world prices fall further, the crisis within the Brazilian industry can only deepen.
It will not just be Brazil that will suffer if world prices fall: producers in Thailand, Australia, the EU and Central and South America are all expected to be present in Dubai to get a better understanding of what might be in store for them.
But prices will not necessarily fall. Even though the chances of an El Nino event have diminished the weather still has a few tricks up its sleeve. Also, despite constant denials, there is still a chance that the Brazilian government will raise domestic gasoline prices and hence the "ethanol floor" under the world sugar price. There is also the "wild card" of India. By February we should have more clarity as to the situation with their crop but for the moment it is still not clear whether the country will be a net importer or net exporter in 2013. Finally there is the question of China: they don't need to import to build stocks, but that doesn't mean they won't.
All of these issues will be discussed during the three-day event.
We get many flattering comments in the media and directly from attendees and corporations as to the value of the Dubai Sugar Conference but the one I like the best was from a trader who wrote, "Be there or be square". I look forward to seeing you there.
With best regards
Jonathan Kingman
|
| |
|
