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

(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 ...