Indian sugar mills association

Sugar Likely to Decline on Higher Russian Production

Date:	30 Dec 2011

Source:	The Economic Times

Reporter:	ET- Bureau

News ID:	809

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LONDON Sugar may fall for a second day in London on speculation stockpiles will be ample as production climbs in Russia and the European Union. Cocoa declined. Output in Russia may reach 5.1 million tonne in the year through July following a record beet harvest, the Institute for Agricultural Market Studies said on Wednesday. EU sugar production will total 18.2 million tonne, broker C Czarnikow Sugar Futures forecast on December 16, up 1.7% from a prior estimate. “We should see more sugar available this year,” said Fabienne Pointier, an analyst at Lausanne, Switzerlandbased researcher Kingsman. “Russian production may be at a record, the EU may be at a record. Any disappointment in production may create short-term price increases.” White, or refined, sugar for March delivery was little changed at $598.50 a ton by 10:22 a.m. on NYSE Liffe in London, rebounding from a drop of as much as 0.5%. Prices are down 23% this year. Raw sugar for March delivery fell 0.6% to 22.99 cents a pound on ICE Futures U.S. in New York. Russian sugar output from domestically grown beets rose 63% to 4.4 million tonne as of December 19 from a year earlier, according to the country’s Sugar Producers’ Union. Refineries processed 33.7 million tonne of beets to produce the sweetener, up from 19.8 million tonne a year earlier, the group said on December. 21. Cocoa for March delivery dropped 0.6% to 1,381 pounds ($2,129) a tonne on NYSE Liffe. The chocolate ingredient has slid 32% this year. Cocoa for March delivery was down 1% at $2,111 a tonne in New York. Robusta coffee for March delivery fell 0.6% to $1,808 a tonne in London, extending this year’s retreat to 14%. Arabica coffee for March delivery slid 0.7% to $2.2515 a pound on ICE.

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