Agencies
New Delhi
India's sugar output is likely to fall 5 percent to 27 million tonnes in the upcoming 2015/16 crop season due to poor monsoon rains in states such as Maharashtra, an industry body said on Monday, which could prop up prices amid a global glut.
India's sugar stocks, however, are likely to rise to 9.6 million tonnes (MT) at the start of the season on Oct. 1, from 7.5 million last year, said Abinash Verma, director general of the Indian Sugar Mills Association.
After a string of bumper harvests created an Indian sugar glut, drought could cut supply in the marketing year starting in October, and there is a risk production will drop below consumption for the first time in seven years in the following 2016/17 season.
