India’s sugar mills struggling to export surplus as overseas prices fall

Sugar Shares RatesIndia’s sugar exports are likely to be far lower than a 5 million-tonne target set by New Delhi as a strengthening rupee and falling global prices make shipments unattractive despite a government push for overseas sales, industry officials said.

Lower shipments from the world’s No. 2 sugar producer could support global prices that fell more than 20 percent in 2018, but fewer exports could also increase Indian stockpiles ahead of the next marketing season and force the government to provide more support to an ailing industry.

India is likely to export 2.5 million to 3.5 million tonnes of sugar in the 2018/19 marketing year that started on October 1, five dealers and three industry officials told Reuters.

Indian mills have contracted to export 1.4 million tonnes of sugar since the start of the marketing season on October 1, shipping around 650,000 tonnes so far, four dealers said.

“Mills are not ready to sign new contracts as the difference in local and overseas prices widened,” said a Mumbai-based dealer with a global trading company that exports the sweetener out of India

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Rupee opens higher at 71.79 per dollar

Indian rupee

The Indian rupee opened higher by 11 paise at 71.79 per dollar on Monday versus Friday’s close 71.90.

Rupee is expected to trade around 71.80- 71.95 as the rise in dollar index’s to its highest in one-and-half years offset the decline in Brent crude prices.

US retail sales rose 0.9% in November, up from the revised 0.7% in the previous month and higher than the 0.4% expected by the markets, it added.

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