India sells sugar in a golden opportunity in a tight global market

게시됨 2022년 10월 14일

Tridge 요약

Indian sugar producers are planning to export up to eight million tons of sugar for the 2022-23 season, taking advantage of lower crops in Brazil. They have already signed deals for about 1.2 million tons. The international market is tight due to a global white sugar shortage, and Indian mills are offering higher prices for both low-quality white sugar and raw sugar. The Indian Sugar Mills Association predicts domestic production of 35.5 million tons and consumption of 27.5 million tons. The government is encouraged to allow exports to help control domestic supplies.

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원본 콘텐츠

(Oct 14): Sugar makers in India are signing deals with traders and exporters on optimism that the government will soon announce overseas sales quotas for the season that starts this month. Mills in the South Asian country, which vies with Brazil as the world’s top sugar producer, have so far contracted to export about 1.2 million tons, and aim to ship as much as eight million tons in the 2022-23 year, according to Rahil Shaikh, the managing director of trading company Meir Commodities India Pvt Ltd. “The golden opportunity for us is to export between November and May, amid a lower crop in Brazil,” said Shaikh, whose company traded about 500,000 tons of sugar in the domestic and overseas markets in the 2021-22 season. “There is a shortage of white sugar, and the market is tight globally.” Indian producers are seeking to take advantage of the rally in benchmark futures, amid concerns supplies will tighten, mainly in top exporter Brazil. Rain in the center-south region of the South ...

출처: Theedgemarkets