India sugar prices down in key spot markets as supply glut looms.

Prices of sugar tumbled in the key wholesale markets of the country due to higher-than-expected production in the ongoing season. This has been driven principally by higher-than-expected sugar production in Maharashtra, Uttar Pradesh and Karnataka. Indian Sugar Mills Association had also scaled up its estimate for the production of sweetener in the ongoing season to 29.5 mln tn from 26.1 mln tn forecast in January.