Domestic sugar prices rise 3% to 6-yr high owing to poor rains
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Domestic sugar prices have risen by 3 per cent in the last 15 days to their highest levels in six years, according to industry sources.
Owing to shortfall in rains in the sugarcane growing regions, the prices have risen even as the festival season is round the corner, when consumption of sweets is set rise multifold.
This could add to food inflation and discourage the government from allowing sugar exports, supporting global prices which are near their highest in more than a decade.
Sugar prices rose to Rs 37,760 per metric tonne on Tuesday, highest since October 2017.
Keeping in view the strong demand for sugar during the upcoming festival season, an additional quota of 2 lakh metric tonnes (over and above 23.5 LMT allocated for the month) was allocated for August by the government
