Sugar Futures On NCDEX

Sugar Futures on NCDEX surged higher due to improved physical demand on anticipation of lower production this year. 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.

In the current season, mills have so far signed deals to export 6 lt of sugar and out of this nearly 3 lt have already dispatched. ISMA has forecast India's sugar output at 27 mt this season as compared to 28.3 million tonnes last year.

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