During today’s early morning session, sugar stocks in the Indian market are seeing a wonderful move. The tailwind behind this move is that the US Sugar Futures zoomed 6 per cent to record a new multi-year high.
As per the data released by Brazilian Sugarcane Industry Association, UNICA on August 10, Brazilian Centre-South Sugarcane production reached 303 million tonnes in the second half of July 2021. From the beginning of the 2021/2022 harvest up to August 1, the accumulated sugar production reached 182 million tonnes. This result is 7.67 per cent lower than the 198 million tonnes reported over the same period last year.
So, the lower Brazilian sugarcane output triggers a price jump in sugar futures.
Dalmia Sugar jumped 7 per cent, Dhampur Sugar has soared 5 per cent, KM Sugar Mills gained 4.83 per cent, Triveni Engineering advanced 4.7 per cent while Magadh Sugar rose over 3 per cent.