India has sufficient sugar stocks to meet domestic demand, and prices are likely to moderate over the next few weeks as supplies improve, the Indian Sugar and Bio-energy Manufacturers Association (ISMA) said on Monday, dismissing concerns of an actual shortage in the market. 

ISMA Director General Deepak Ballani said the sharp increase in sugar prices over the past 15-20 days was driven largely by market sentiment, speculative buying and concerns over short-term supply, rather than any structural shortage. He said crop-related developments and global market conditions had also influenced prices.