Sugar supply likely to fall as unusual weather hits the globe |
Written by 3K Admin |
Tuesday, 18 August 2009 08:58 |
Tuesday August 18, 2009
This is expected to keep the price of the commodity high. Raw sugar traded in the New York futures market has risen 86%. Bad weather in India and harvesting delays and crop damage in Brazil – the world’s largest producer of sugar – have contributed to lower supply of the commodity.India is battling its worst drought in 83 years. On the domestic front: > Supplies continue to run low at many sundry shops in the Klang Valley but stocks are starting to reappear in super and hypermarkets, > Other parts of Malaysia seem to be adequately stocked with sugar, > Authorities blame local sugar refineries for cutting back on production after over-producing in the first half of the year. Source: http://thestar.com.my/news/story.asp?file=/2009/8/18/nation/4539284&sec=nation |
Last Updated on Tuesday, 18 August 2009 09:12 |