China may eliminate a sugar stockpiling program that has helped boost inventories to a record but has failed to lift domestic prices, Bloomberg reported, citing an official at the National Development and Reform Commission. According to estimates by Xinhu Futures, the stockpiling effort has cost the government US$3 billion in the past two years. Stockpiles swelled to 6 million tons at the end of September, equivalent to nearly half of the country’s output last year, according to Wanda Futures.
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