Sugar Futures Trading Range Bound

Sugar Futures trading range bound during last week on reports of higher sugar production. However, better export prospects and forecast of lower cane production capped further loss. Sugar Mar futures closed 0.16% higher at Rs. 3,045 per quintal.

As per ISMA data, sugar production rose by 13.2 per cent to 47.86 lakh tonnes 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 6lt of sugar and out of this nearly 300,000 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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