DUBAI: Indian authorities are likely to approve a further 1 million tonnes of sugar exports at a meeting on Tuesday, traders attending a sugar industry conference in Dubai said.
"The trade here, the gossip is that people are expecting 1 million tonnes to be authorized tomorrow," Jonathan Kingsman, managing director of consultancy Kingsman SA, told Reuters TV in an interview on Monday.
Kingsman's statement echoed the views of several other senior traders attending the conference.
A panel of Indian ministers will meet on Tuesday to consider allowing further exports of sugar and non-basmati rice.
India, the world's top sugar consumer and second-biggest producer behind Brazil, has so far allowed mills to export 1 million tonnes of the sweetener in the year beginning in October.
Indian millers expect India to produce 26 million tonnes of sugar in 2011/12, and say annual domestic sugar consumption stands at around 22 million tonnes.
More than 550 sugar industry leaders have gathered from around the world to attend the Feb. 4-7 Kingsman sugar conference in Dubai.
Source : economictimes.indiatimes.com