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Worsening India drought lifts sugar to fresh high

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Sugar prices leapt to a fresh 28-year high on Monday, despite evidence that the strong market was deterring some buyers, as prospects for India's cane crop remained bleak.

Monsoon rains between June 1 and August 27 were 24% below average, with the shortfall even worse in the cane growing state of Uttar Pradesh, official figures showed.

Drought has been declared in further 26 of India's more-than 600 districts since 252 were announced as affected last week.

'Prices too high'

The data, coupled with plans by India's Simbhaoli Sugars to import an extra 80,000 tonnes of raw sugar between November and March, helped the market overcome concerns prompted by an Egyptian tender cancellation.

Cairo's state-owned Sugar and Integrated Industries ditched plans to buy 50,000 tonnes of raw sugar, with an official telling Reuters that "the prices were too high".

October raw sugar jumped 4.1% to 24.48 cents a pound, the highest since February 1981, before losing some ground to close at 24.30 cents a pound, up 3.7% on the day.

London's futures market, which trades white sugar, was closed for a public holiday.

By Agrimoney.com

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