Latest news with #DubaiSugarConference
Bloomberg
17-02-2025
- Business
- Bloomberg
Sugar Prices Recover With India Output Set to Be Tighter
The sugar market is expected to tighten as disappointing output in India, the world's second-largest producer, threatens higher prices for prompt supplies. The country's output in the current season could fall to 26 million tons after disease hurt the cane crop in its top producing region of Uttar Pradesh, according to Ravi Gupta, an executive director with major producer Shree Renuka Sugars Ltd said on the sidelines of the Dubai Sugar Conference last week. That's about 1 million tons lower than most industry estimates surveyed at the event.
Reuters
12-02-2025
- Business
- Reuters
India seen struggling to fulfil sugar export quota, industry sources say
DUBAI, Feb 12 (Reuters) - India has exported up to 500,000 metric tons of sugar so far this season, but the pace is already slowing, and it may struggle to fulfil the one million tons allowed by the government, trade and industry sources said on Wednesday. "There are fears that the one million (ton) quota could actually be reduced," Prakash Naiknavare, managing director of the National Federation of Cooperative Sugar Factories, told Reuters on the sidelines of the annual Dubai Sugar Conference. India last month allowed exports of 1 million metric tons of sugar during the current season to September 2025 to help mills of the world's second-biggest producer export surplus stocks and prop up local prices. Naiknavare said exports so far had totalled around 500,000 tons and have mainly focused on neighboring countries Sri Lanka, Bangladesh, and Nepal, as well as Eastern Africa. Shashikant Pandhare, head of research at Meir India, put exports so far as only 400,000 tons at most and added the pace was slowing down. He noted mill closures in northern India and struggles elsewhere due to poor harvest conditions. The closures suggest India will produce less sugar than initially estimated and have lifted local prices, making India less competitive on global export markets. "I think at most 700,000 tons will be exported by September but I doubt the government will make any changes to the quota," he told Reuters. Pandhare said there has been a surge in demand from countries with significant Muslim populations, such as Tanzania and Bangladesh, in anticipation of Ramadan, which is set to begin around February 28. Sanjeev Mishra, the chief executive officer of Tanzania's Kagera Sugar, said, however, that Indian exporters were currently offering at "unrealistic prices" compared to other global sources. India's decision to allow sugar exports this season was a surprise to some traders with stocks expected to fall this season following crop problems. Ashwini Srivastava, joint secretary in India's Department of Food and Public Distribution, told the conference that stocks were set to fall to six million tons by the end of this season, down from eight million a year earlier. Trader and industry sources, however, said the outlook for the 2025/26 cane crop was currently more favourable. Anup Kumar, managing director of Sucden India told Reuters there was a "very good crop coming" although the size was not yet clear. He estimated, however, that only around 150,000 tons had been exported so far, mostly to countries around the Indian Ocean. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here.
Bloomberg
12-02-2025
- Business
- Bloomberg
Sugar Refiners in Middle East See Lower Output on Weak Margins
Sugar refineries in the Middle East are running below capacity because of lower profitability, according to the head of Dubai's Al Khaleej Sugar Co., owner of the world's largest port-based sugar refinery. A lower white premium, the difference between the price of raw and refined sugar, has pushed some refiners to cut production, the firm's managing director Jamal Al Ghurair said in an interview on the sidelines of the Dubai Sugar Conference. The premium which serves as a proxy for the cost of refining raw sugar, until recently hovered around or under $90 a ton, below the $100 level deemed profitable.
Zawya
11-02-2025
- Business
- Zawya
Arabica coffee turns lower after hitting record high
Arabica coffee futures turned lower on Tuesday after earlier hitting a new record high while cocoa and sugar prices rose. COFFEE * Arabica coffee fell 0.85% to $4.1750 per lb by 1128 GMT after hitting a record high of $4.2995 in early trading. * Dealers said the recent surge in prices had led to a reduction in liquidity with the market set to remain choppy. * An expected drop in Brazil's arabica coffee crop this year following hot and dry weather in 2024 has helped to tighten global supplies. * Broker Hedgepoint on Monday cut its forecast for Brazil's 2025/26 arabica crop to 41.1 million bags from a previous projection of 42.6 million. * Robusta coffee fell 0.3% to $5,680 a metric ton. COCOA * New York cocoa futures rose 0.85% to $9.962 a ton. * Dealers said the market was supported by concerns about dry weather in top grower Ivory Coast. * A lack of rain in most of Ivory Coast's cocoa-growing regions could delay the start of the April-to-September mid-crop, potentially leading to a shortage of beans, the main ingredient in chocolate, farmers said on Monday. * London cocoa was up 0.2% at 7,821 pounds per ton. SUGAR * Raw sugar futures were up 1.1% at 19.72 cents per lb. * Dubai's Al Khaleej Sugar is operating at 70% capacity as sugar refineries in the Middle East struggle with overcapacity, the company's managing director, Jamal al-Ghurair, said on Tuesday during the Dubai Sugar Conference. * White sugar rose 0.5% to $522.20 a ton. (Reporting by Nigel Hunt; Editing by Eileen Soreng)
Zawya
11-02-2025
- Business
- Zawya
Al Khaleej Sugar says operating at 70% capacity
DUBAI - Dubai's Al Khaleej Sugar is operating at 70% capacity and the Middle East has a 60% overcapacity, the company's managing director, Jamal al-Ghurair, said on Tuesday during the Dubai Sugar Conference. He added that there were no plans yet to export sugar to Syria, after the war-ravaged country saw a new administration take over following the ouster of President Bashar al-Assad on December 8. Al Khaleej Sugar operates the world's largest port-based refinery of the sweetener. (Reporting by Mohamed Ezz and Maha El Dahan, Editing by Louise Heavens)
