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Moneycontrol India :: News :: Sugar declines to two-year low on oversupply concerns :: :: Market Edge :: Sugar prices
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Sugar declines to two-year low on oversupply concerns
2007-09-11 17:23:25 Source : Moneycontrol.com
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Despite the recent recovery in the markets, it seems that the worst is not yet over for the ailing sugar sector worldwide. There are huge concerns over the over supply of sugar on the global level. The world price of raw sugar, among the worst performing commodities this year has been falling consistently. White sugar declined to the lowest in more than two years in London on speculation that global supply of the sweetener will increase.

Brazil's Center-South region crushed a record 65 million metric tons of cane last month, according to Unica, the region's industry body. Center-South accounts for 85 percent of output in Brazil, the world's biggest sugar grower.

Brazilian sugar exports in August rose 16 percent compared with July, according to Societe Kingsman, a sugar and ethanol analysis company. Exporters in India, the second-largest sugar producer, may increase shipments because the country is forecast to expand output 8.3 percent to a record 33.2 million tons in the year starting in October, according to the International Sugar Organization.

Refined sugar for October delivery, the most actively traded contract on London's Liffe exchange, fell $4.90, or 1.8 percent, to close at $268.50 a ton, the lowest since July 1, 2005. Prices have declined 33 percent in the past year.

Most of the sugar stocks have been beaten down severely in last one year and are trading at or near to their all time lows. Below mentioned table shows the latest price, 52 week and all time high. 

Name

Prices

10th Aug

52 Week High

All Time High

Bajaj Hindustan

137

352

568.8

Balrampur Chini

63.75

115.45

205

Bannari Amman

633.35

1000

1723.2

DCM Shriram Inds

49

100.9

300

Dhampur Sugar

52.55

130.8

377.49

Dharani Sugars

19

42.5

73.75

EID Parry

145

175.7

369

Jeypore Sugar

215.2

426.8

1250

JK Sugar

25.4

63.9

98

Kesar Enterprise

57.75

149.7

279.75

Kothari Sugars

10.8

20.85

140

Ponni Sugars (E)

36.55

67

117.8

Rajshree Sugars

53.8

116

224.3

Sakthi Sugars

75.55

143.5

274.95

Simbhaoli Sugars

33.4

89.4

177

Sir Shadi Lal

146.05

300

300

Thiru Aroor. Su.

110

238

630

Triveni Engg.

83.6

86.3

129.95

Ugar Sugar Works

11.97

23.45

51.45

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