Sugar Extends Losses In Global Markets, Indias Output Seen Rising Around 2%

20 Oct 2022 , 01:09 PM

The global Sugar prices are witnessing a downward trajectory today, extending losses after hitting a three month high near 19 cents per pound. The commodity is slipping amid positive outlook for Indias sugar output. The countrys sugar production is projected to be 36.5 million tonnes in the 2022-23 marketing season, an increase of 2% compared to the year-ago period, industry body ISMA said earlier this week. The marketing season will be starting this month. The counter is currently quoting at 18.62 cents per pound, down 0.27% on the day. Prices spiked earlier this month on concerns over the output in Brazil. Sugar output in Brazils main center-south cane belt tumbled on heavy rainfall in the second half of September, data provided by industry group Unica showed. Production of the sweetener reached 1.7 million tonnes in late September, a 27.3% drop from a year earlier. Powered by Commodity Insights