London: India’s sugar export corporation ISEC is not selling raw sugar at current prices despite a jump in March 2008 futures above 10.0 cents (Rs4.1) per pound, its chief executive, S.L. Jain, said on Tuesday.
“I am not selling now. We are not selling anything immediately,” Jain said. “I can see the market going up still further. I want to maximize my sale price.”
Jain said last Thursday he would not sell if March 2008 futures remained below 10 cents a pound.
Raw sugar futures settled at a two-week high on Monday on sustained speculative and trade buying linked to a number of factors. March 2008 futures finished at 10.04 cents, up 0.55 cent.