Sugar Futures On NCDEX Closed Higher

Sugar Futures on NCDEX closed higher on NCDEX due to speculative buying by the market participants on reports of lower sugarcane planting in Maharashtra. However, spot sugar remains steady on supply pressure from the sugar mills coupled with limited demand. Sugar Mar futures closed higher by 0.90% at Rs. 3,124/quintal.

In Maharashtra, top sugar producing state, the area under sugarcane cultivation expected to decline 25% during the 2016-17 season in due to drought. However, sugar production in India rose by 4.54 % to 14.25 mt in the first four months of the current marketing year. ISMA has revised the sugar output estimate downward by 1 MT to 26 MT for this year, lower than 28.3 MT achieved in the 2014-15 marketing year. As per ISMA, Indian sugar mills make deals to export one million tons, which may trim excess stockpiles in the country.

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