The International Sugar Organization (ISO) has predicted that the global sugar market will slip into a deficit after enjoying a surplus for several years.
Erratic monsoon in the major sugarcane producing states in Uttar Pradesh, Karnataka and Maharashtra, and pick-up in festival demand have sent sugar prices higher of late, reports a business daily.
Sugar prices at the National Commodities & Derivatives Exchange jumped to Rs. 2,699 per quintal on October 7 from Rs. 2,164.15 per quintal on July 31.
Sugar price was trading at Rs. 2,718.35 per quintal on commodity bourses on January 1.
According to experts, sugar price may rise further to Rs. 3,000 per quintal by the end of March 2016.
In its first advance estimate for sugar season 2015-16, the Indian Sugar Mills Association (ISMA) has estimated production of 270 lakh tonnes, which is lower by 10 lakh tonnes compared to the preliminary estimates of July.
The International Sugar Organization (ISO) has predicted that the global sugar market will slip into a deficit after enjoying a surplus for several years.
ISO has projected a deficit of ~2.5 million tonnes in 2015-16 and forecast more than double deficit of 6.2 million tonnes in 2016-17.
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