The key October sugar contract on the CSCE soared to close at a 2-1/2year peak of 11.06 cents a lb last week. It settled Monday at 10.50 cents, down 0.30 cent. "We can characterise 2000 as the year when the market turned," he said, adding that for the first time in six years, consumption has outpaced production. A slump in output in top grower Brazil, where drought damaged the crop, dry weather in Cuba and the storm damaged cane crop in Australia served to buoy futures in New York. The size of the sugar production cutback "may even be bigger," said Love. Raw sugar prices averaged 5.6 cents a lb during January to March 2000, a 15-year trough. The benchmark price even slid to under 4.00 cents during trading in late April 1999 and touched a year low of 4.70 cents at the end of February 2000.

Hank, Hoseiry yarn prices up
Hank and Hoseiry yarn prices firmed-up on the local cotton yarn market today following increased enquiries from handloom and powerloom industries and ended on a higher note. Waste and cone yarn prices remained stable on some enquiries. The volume of business also improved. In the hank yarn section, Jind and Annapurna 6 counts quoted Rs 2 each higher at Rs 273 and Rs 278 per 4.54 kilo bundle respectively on renewed demand from handlooms and powerlooms industries. Gulabpura 10 and 20 counts yarn also finished Rs 3 each higher at Rs 303 and Rs 377 per 4.54 kilo bundle respectively. Mahavir 20 and 30 counts yarns, in the hoseiry yarn group, rose Rs 5 each at Rs 600 and Rs 650 per 5 kilo bundle respectively on hoseries demand.

Steel prices remain steady
Steady conditions were noticed on the local steel and iron market today as prices after moving in a narrow range closed around previous levels. Arrivals and offtake too remained at a low ebb and volume of business small. Traders said prevailing tight money market conditions continued to influence trading sentiments. Kamdhenu saria 8-mm, 10-mm, 12-mm, 16-20mm and 25-mm traded at previous levels of Rs 17,300, Rs 16,950, Rs 16,550, Rs 16,600 and Rs 16,700 per tonne respectively. Barnalan (computerised) saria 8-mm, 10-mm, 12-mm, 16-20mm, 25-mm too remained unchanged at Rs 17,200, Rs 16,800, Rs 16,600, Rs 16,450 and Rs 16,600 per tonne respectively.