Sugar Futures On NCDEX Moved Higher Yesterday

Sugar Futures on NCDEX moved higher yesterday as stockists demand continued to rise further due to pick up in demand from retailers and bulk consumers. Sugar Mar futures closed higher by 2.03% w-o-w at Rs. 3,263 per quintal. Moreover, sugar cess ceiling hiked by government to Rs 200 per quintal from currently Rs. 25 per quintal.

Higher sugar production by the sugar mills during the first quarter of current marketing season keeping the stocks sufficient. Sugar mills produced 79.85 lt of sugar higher by 6.5 per cent compared to last season’s production.

ISMA has forecast India's sugar output at 27 mt this season as compared to 28.3 mt last year. As per information ISMA press release, sugar mills have contracted for export of around 8 lt of sugar till date and have physically dispatched around 3 lt of sugar for exports. In the recent development, Central government has scaled up blending targets from 5% to 10% to promote blending of ethanol with petrol.

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