Indian sugar producers are seeking to take advantage of the rally in benchmark futures amid concerns supplies will tighten, mainly in top exporter Brazil | Photo: Bloomberg
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 8 million tons in the 2022-23 year, according to Rahil Shaikh, managing director of trading company Meir Commodities India Pvt.
“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.
First Published: Oct 14 2022 | 11:34 AM IST