Indian sugar prices outpace drop in global prices.

Sugar prices in India on the NCDEX Kolhapur market have plummeted faster than those on the London No 5, the global reference price, front-month futures contract, on the back of a bumper crop in India, with sugar production estimated at 31 million mttq for the 2017-18 (October-September) season, up nearly 53% year on year. From the beginning of the season in October 2017, prices on the NCDEX Kolhapur market have sunk by almost 25% to $419/mt Monday. Whereas, the price on London No 5 front-month futures has fallen by close to 10% from the beginning of the season to $329.20/mt.