Sugar Futures On NCDEX Traded On Positive Note Yesterday



Sugar Futures on NCDEX traded on positive note yesterday due to improved local demand on anticipation of lower production this year fter India's first back-to-back drought in nearly three decades wilted the cane crop.. Moreover, better export prospects and positive global clues from Brazil too helped sugar prices to trade higher. Sugar Mar futures closed 3.05% higher at Rs. 3,138 per quintal. In the recent development, Central government, under Ethanol Blending Programme (EBP), has scaled up blending targets from 5% to 10% to promote blending of ethanol with petrol and its use as alternative fuel.

As per ISMA data, sugar production rose by 13.2 % to 47.86 lt till December 15 in the current marketing year compared to last year same time. Earlier, Union government plans to increase the cess on sugar by almost Rs 100 per quintal to fund its ambitious programme of paying Rs 4.50 per quintal directly into the bank accounts of growers.

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