A Global Sugar Binge Has Surprised Even the World’s Top Traders
Bloomberg 1/23/2021
(Bloomberg) Even with restaurants, cinemas and stadiums shut, people kept binging on sugar.
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A home-baking frenzy, stimulus checks and stockpiling all meant that global demand fared quite well last season, proving wrong some of the world’s top sugar traders. What’s more, consumption is set to rebound to a record in the year that began in October, according to Tom McNeill, a director at Brisbane, Australia-based researcher Green Pool Commodity Specialists.
That’s a stark turnaround from the early phases of the coronavirus crisis, when lockdowns from Paris to Los Angeles hit sales of everything from softs drinks to chocolate. People have now adapted to pandemic life, government handouts in places like the U.S. and Brazil kept consumers shopping and importing nations in Asia stockpiled to ensure supplies in case of shipping disruptions.
Indonesia may emerge as the biggest importer of Indian sugar
Iran continues to use the accounts for buying these commodities but the amount in the accounts is depleting. January 12, 2021 / 08:59 PM IST
Uttam Sugar Mills | Company reported profit at Rs 11.70 crore in Q3FY21 against Rs 13.32 crore, revenue rose to Rs 433.26 crore from Rs 426.68 crore YoY.
Indonesia could emerge as the largest importer of raw sugar from India and may make up for any drop in exports to Iran, where shippers are facing payment problems.
“The roles of Indonesia and Iran with regard to India’s sugar exports are set to change with Jakarta likely to import over 10 lakh tonnes against three lakh tonnes last season (October 2019-September 2020),” said MEIR Commodities India Managing Director Rahil Shaikh.
Indian IT services and financial shares helped key stock indexes to scale a record highs on Friday, as investors turned their focus to the third-quarter earnings season. Favourable global cues along with positive domestic macro-economic data pushed the equities
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