Sugar prices hovering near 6-year high amid concerns of supply dearth

SUGAR futures have pared some gains since the commodity hit a six-year high of US$0.2209 per pound on Feb 27, but market watchers believe prices could remain high in the near-term. 

Concerns over sugar supply globally have been the key trigger for the surge in the commodity’s prices.

In India, the Indian Sugar Mills Association has revised downwards the expectations of the country’s production – to 34 million tonnes for the current season running from October 2022 to September 2023, from 36.5 million tonnes previously.