Mumbai, April 11 - World sugar prices are expected to hover between 12 to 15 cents per lb in the 2008/09 crop year, the International Sugar Organisation said on Friday.
"We see a price range of 12-15 cents per pound as inflation and investment in commodities are not going to go away," Leonardo Bichara Rocha, an economist with the ISO said on the sidelines of a conference in Mumbai.
Raw sugar futures closed higher in New York on Thursday on investment fund buying but the market stalled at its new highs and the next move will depend on the performance of other commodity markets, brokers said.
The May sugar contract added 0.12 cent to finish at 12.52 cents per lb, moving from 12.24 to 12.80 cents. It was the highest finish for sugar on a spot basis since the middle of last month.