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Mumbai, Jan 10: There is a good news for an ailing sugar industry as the sugar prices in the domestic and global markets are looking up. The prices which have dipped to the lower level of Rs 1,150 per quintal from Rs 1,800 per quintal since last two years have started showing improvement. On January 1, sugar price rose to Rs 1,330 per quintal which has further risen to Rs 1,390 per quintal.
Industry sources told FE, “The price recovery has given a much needed respite for the crisis ridden sugar industry. We still feel that this trend will further improve and price will go up further. The reasons for the price rise are manifold. The burgeoning crude prices, which recently touched $100 per barrel, has led to diversion of more and more sugarcane for the production of ethanol in Brazil. ”
Prakash Naik Navre, managing director of Federation of cooperative sugar factories in Maharashtra cautioned that “Although this upward trend is much awaited, the spurt in global prices is due to global fund managers across the exchanges and currencies have invested heavily in commodities over forex and metal. Therefore, rise in sugar price which was in the range of $270 per tonne for white and 9.70 cents per pound in case of raw sugar just couple of weeks back has gone up to $326 per tonne and 11.35 cents peer pound respectively. This is a temporary phenomenon and may not last for long as there is global sugar glut mainly contributed by Brazil and India.”
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