I was going to write about Sugar prices yesterday itself but it was late but now there is this news circulating so about time, from today's Sharekhan note in the morning

Sugar - The Union finance ministry is considering a proposal to restructure sugar mills’ debt, which is under severe stress due to lack of capacity utilization – positive for highly leveraged small sugar mills and sugar companies  

Here is the chart of international sugar Prices and they fell to the lower end of the rising channel to complete wave 4 down. Wave 5 up may have started and should see sugar prices make one more new high near the upper channel line at 27$. An over 30% rise in prices from current levels.