India continues to bring volatility to global sugar market: Fitch
ANI |
Updated: Jul 29, 2021 13:08 IST
Singapore, July 29 (ANI): Fitch Solutions on Thursday revised up again its 2021 price forecast for sugar as prices have remained more supported than it was expecting amid bad weather in Brazil.
It now forecasts prices to average USc16.5/lb in 2021 compared with USc14.7/lb previously. This suggests sugar prices will average at their highest level since 2016 in 2021.
The new forecast implies that prices will trend lower in the coming months as Fitch still expects the market to be in surplus in 2021/22.
However, uncertainties regarding supply this year are rising (in Brazil and India) which is posing upside risks to these new forecasts.