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The Economic Times

Raw sugar hits 17-month high as India warns mills against festival hoarding

AI Market Summary
Raw sugar futures hit a 17-month high as India's rare tax-free 1mt import quota and strong buying collide with Brazilian crushing delays. Official warnings against festival-season hoarding highlight tight near-term availability despite administrative efforts to curb domestic price spikes. Weather risk (strengthening El Niño and below-normal Indian monsoon rainfall) and higher oil prices, which can shift cane toward ethanol, further support a tighter global sugar balance.
Impact level
● Medium
Affected assets
NCCOSUGAR2USD/USDT+2.01%
AI Insight · NCCOSUGAR2USD/USDTAI Insight
▲ Bullish
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Raw sugar futures climbed to their highest level since March 2025, supported by strong import demand from India and delays to cane crushing in Brazil. India’s food ministry warned local mills not to raise prices without justification ahead of the festival season. India opened a rare 1 million metric tons tax-free import quota in August after domestic sugar prices reached a record high. Supply-side disruptions and weather-linked risks have also added to gains in global sugar prices.
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