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India Sugar Prices Hit 7-Year High -- Market Talk

13 Jan 2017 5:44 am
 

0544 GMT [Dow Jones] Sugar prices in India -- the world's second-biggest producer behind Brazil -- touched a seven-year high this week, aided by improved demand and dwindling supplies. India's sugar production in the October 2016-September 2017 period will likely fall to 22 million metric tons, down 4.3% from an earlier estimate, as mills in the country's main producing Maharashtra state are closing early due to cane shortage, analysts at Angel Commodities brokerage say in a report. Sugar production in Maharashtra will likely fall 40% to 5 million tons this season, which started in October. The Indian government has said there are sufficient stocks to cater to local demand and has ruled out any move to remove import taxes. Shares of Dhampur Sugar Mills Ltd are up 1%, while Mawana Sugars Ltd gain 1.5% in early trade. (vibhuti.agarwal@wsj.com)
 
 

(END) Dow Jones Newswires

January 13, 2017 00:44 ET (05:44 GMT)

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