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India to export 500,000 tonnes more sugar, NY prices fall
24.06.2011 14:38 "Agro Perspectiva" (Kyiv) —
India’s government decided
to allow another 500,000 tonnes of unrestricted
sugar exports, doubling its overseas sales this year and
sending international prices four percent lower.
Rural Development Minister Vilasrao Deshmukh announced
the decision on Thursday for exports under the
Open General Licence (OGL) scheme after a meeting of a
panel of ministers which is empowered to take a final decision
on the issue.
New York July raw sugar futures extended losses after the
announcement. At 1320 GMT they were down four percent,
after hitting an 11-week peak of 27.58 cents earlier in
the week. Sugar mills in India had sought government permission to
export an extra 1.5 million tonnes in order to take advantage
of global prices which are near 2–1/2 month highs.
India, the world’s top sugar consumer and biggest producer
after Brazil, has ample stocks and looks set to produce
over 24 million tonnes this year, against about 22 million tonnes of consumption.
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