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INDIAN sugar prices have jumped 10 per cent over the past month to a record high and are expected to remain elevated for at least the next three months as supplies tighten and festival demand gathers pace, traders and industry officials told Reuters.
Rising prices will add to retail inflation that breached the central bank’s target for the first time in 17 months in June, and prompt New Delhi to take further measures to curb prices after banning exports and imposing stock limits last month.
The rally is also expected to boost margins for sugar producers such as Balrampur Chini, Dwarikesh Sugar , Shree Renuka Sugars and Dalmia Bharat Sugar , dealers said.
Wholesale sugar prices in Kolhapur, a key trading hub in the western state of Maharashtra, have risen nearly 10.2pc over the past month to a record 4,716 Indian rupees per 100kg.
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