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Sugar soars on Brazil warehouse fire, shares rise

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Shares of sugar producers rose today as the international price of the commodity surged after a fire severely damaged warehouses belonging to Brazil's largest sugar and ethanol cooperative in the port of Santos.

Bajaj Hindusthan, Oudh Sugar Mills, Dalmia Bharat Sugar, and Shree Renuka Sugars were up between 1 percent and 6 percent.

A large fire severely damaged four warehouses belonging to Brazil's largest sugar and ethanol cooperative in the port of Santos, destroying hundreds of thousands of tons of sugar before it was controlled, the fire department there said Friday. International sugar markets reacted quickly. ICE March raw sugar prices rose more than 6 percent on Friday to a one-year high on news of the fire before paring gains. The March contract settled up 2.5 percent at 19.48 cents per lb.

Codesp, the government run agency that operates Santos port, said the blaze started early Friday in one warehouse and then spread to the others. Santos is South America's largest port in terms of the value of cargo handled.

Codesp spokeswoman Celia Regina de Souza said the fire severely damaged the four warehouses and destroyed much of the 300,000 tons of sugar stored in them.  (With Agency inputs)

Story first published on: October 21, 2013 10:09 (IST)

Tags: Sugar, Sugar shares, Bajaj Hindusthan, Shree Renuka Sugars

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