Sugar Futures On NCDEX Traded Flat Yesterday



Sugar Futures on NCDEX traded flat yesterday on supply pressure from the sugar mills coupled with limited demand. Sugar Mar futures closed lower by 0.09% at Rs. 3,155/quintal. Sugar production in the country stood at 110.90 lt up to January 15, up by 7.08 lt compared to the corresponding date last year, when output was 103.82 lt.

ISMA has forecast India's sugar output at 27 mt this season as compared to 28.3 mt last year. As per 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.

Recently, 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. 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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