Indian Sugar Mills Association director general Abinash Verma said that the global sugar prices are likely to remain very bullish.
Brazil is facing the worst drought in 90 years that has increased the global shortage of sugar in the market. The cane output in the country is also impacted by the recent frost.
According to the news report published in Cnbctv18.com, Verma said, “The sugar shortage in the global market will push up the global prices. . The global raw sugar prices are around 18.5-19 cents. About 12-13 months back, the global raw sugar prices were hovering about 12-13 cents. And if the same trend continues, then we will not be surprised if the world prices even cross 20-20.5 cents in the next month or so.”
“Last year we exported around 6 million tonnes of sugar and this year we are likely to export 6.8 to 7 million tonnes of sugar which will be a new record again,” he further added.
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