Raw sugar futures drop most in a week on India's export subsidy concerns

Raw sugar futures dropped the most in a week on concerns that new export subsidies by India may lead to a global supply overhang.
 

India’s production from October 1 to November 5 climbed to 425,000 metric tons, up 32 per cent from a year earlier, the National Federation of Cooperative Sugar Factories said. 

Speculation heightened the Asian nation may export as much as 6 million tons this season, easing a global deficit that has supported prices. 

The “long-awaited subsidy could bring a stronger selling wave to sugar, regardless of the positive scenario worldwide,” Bruno Lima, sugar head at StoneX, said. Last week,