NEWS CATEGORIES
Sugar shares turn bitter
Source: Capital Market, Thursday, March 11th, 03:27 PM
Shree Renuka Sugar (down 5.73%), DCM Shriram Industries (down 4.13%), Simbhaoli Sugars Mills (down 4.04%), EID Parry (India) (down 3.95%) and Balrampur Chini Mills (down 3.65%), edged lower, extending recent steep losses.
On Thursday, ICE May raw sugar futures fell 1.7% to 19.97 cents a pound while Liffe May white sugar dropped 2.5% to $541.5 a tonne.
Raw sugar prices have fallen 34.3% since reaching a 29-year high of 30.40 cents a pound at the start of February 2010 while white sugar prices have sunk 29.4% since hitting a record $767 a tonne in late-January 2010.
Vivek Saraogi, the president of the Indian Sugar Mills Association, was quoted by the media as saying on Tuesday, 9 March 2010, that production may rise 5% from an earlier forecast to 16.8 million metric tonnes in the year ending 30 September 2010, because of higher yields.
Indian sugar mills are reported to have cancelled deals to import 100,000 tonnes of sugar.
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