NY TRADERS EXPECT CHINA TO STEP UP SUGAR BUYING Trade house sources said China is expected to step up its sugar purchases following yesterday's steep drop in world sugar prices. The consensus is that the Chinese will buy between 200,000 and 400,000 tonnes of raw sugar. "China is short of foreign exchange and a drop in prices is usually taken as a buying opportunity by Peking," one trader said. Yesterday, prices on the New York world sugar market plummeted by 0.58 to 0.50 cent on heavy liquidation by speculators, disenchanted over the market's lack of rallying power. Speculation is that China will need the sugar for the May/July period.