SUGAR PRODUCTION REACHED TO HIGH LEVELS, OIL ROSE BY 2% TODAY

SUGAR PRODUCTION REACHED TO HIGH LEVELS, OIL ROSE BY 2% TODAY

In India, various commodities showed a rise today including oil and sugar. According to the data released by Indian Sugar Mills Association (ISMA), India’s sugar production reached 32.11 million tons in 7 months from October 2018. The total production can touch to 33 million tons in next two weeks. The domestic requirement of India is just 26 million tons. India’s total output in last whole year from October 2017 to 2018 was recorded at 32.5 million tons, 5,00,000 tons lesser than the current production. Uttar Pradesh, Maharashtra and Karnataka have produced 11.26 million tons, 10.7 million tons and 4.32 million tons, respectively in last seven months. ISMA revealed that the estimated output would be 33 million tons with the domestic demand of 26 million tons, taking to the estimated export of 3 million tons this year. The industry body indicated that the sugar output is likely to decline in year 2019-20 due to lack of rains in Maharashtra and increased ethanol production.

On the other hand, oil prices rose by 2% on Monday after US President Donald Trump said that he will hike tariffs on Chinese goods this week. The meeting between officials of both countries is expected to held this Friday. Within the oil industry there are signs of rise in output from United States which can make it world’s biggest producer ahead of Russia and Saudi Arabia.

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