New York: Prices of raw sugar on ICE will remain in the range of 18 to 20 cents per pound in 2022, stated broker StoneX on Wednesday.
The broker stated that the lower global demand and increase in the sugar production in major countries would limit the upside.
Speaking at the seminar organized by Sugaronline, StoneX said that higher production in India, Europe and Thailand, and a better outlook for the new Brazilian season, would cap prices.
Due to a fall in global sugar prices, sugar mills in India are reluctant to sign further exports contracts.
According to the Indian Sugar Mills Association (ISMA), Due to fall in the global prices to below 20 cents, and now to around 18.6 cents per pound of raw sugar, the Indian sugar mills are not coming forward to sign further export contracts.