MUMBAI (Commodity Online): On the back of higher production in major sugar growing countries, the global sugar prices are likely to remain under pressure during 2012-13.
According to reports, the global sugar production is to set to outpace demand by 6 to 8 million tons for 2012-13. This is for the second consecutive period.
Brazils sugar production is expected to rise by 520 million tonnes in 2012-13.
Meanwhile, production in India is expected to be around 26 million tons while the demand is expected to around 22 million tons.
In Inter-Continental Exchange (ICE), the sugar for March delivery traded at 23.94cents on 3rd February.While, on India's National Commodity and Derivatives Exchange (NCDEX), the sugar for February Delivery traded at Rs 2914 on 6th February.
