Reuters exclusively reported that Indian sugar mills have been renegotiating and defaulting on contracts to supply 400,000 tonnes of the sweetener to overseas buyers as prices jumped after the government cut this year’s export quota. After Reuters revealed the news, New York raw sugar futures jumped 2.3% to hit a seven-month peak yesterday. Shares of Indian sugar producers jumped as much as 8% after the story.
The post Reuters reveals Indian sugar mills have been renegotiating and defaulting on contracts to supply 400,000 appeared first on Reuters News Agency.
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