Sugar exporters in India are holding off signing any more export contracts, in a bet that global prices will rally further after bad weather damaged crops in top grower Brazil.
Raw sugar in New York would need to climb to 20.5 cents a pound to again attract mills from the western Maharashtra state and the southern region, Abinash Verma, director general of the Indian Sugar Mills Association, said by phone. The second-biggest sugar producer has already inked deals to ship 1.2 million tons from the next year’s crop, taking advantage of a recent rally in prices, he said.
A slower pace …
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