Abinash Verma, Director-General of Indian Sugar Mills Association (ISMA), has said that he remains bullish on global sugar prices.
Verma, in an interview to CNBC-TV18, on Monday, said the global sugar prices have again moved up beyond 20 cents.
"Brazil's production is going to be probably very low as compared to last year also because it is a very dry weather there. Thailand's production is still not back to normal. So, I think the global prices would remain bullish and we will see another couple of cents higher from where it is today," he said.
According to Verma, India has surplus sugar production this year and is in a position to export. Higher sugar prices in the international market and surplus production in the country are big positives, he said.
"India has surplus sugar this year even though we have reduced from 14.5 million tonnes of opening stock two years back to about 8.5 million tonnes now. So at a time when Brazil, Thailand and other countries don't have big surpluses, India has a surplus, world prices are very good and therefore even without a subsidy we are in a position to export into the international market and that is very big positives for India."
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