Sugar Futures On NCDEX

Sugar Futures on NCDEX witness a steady trend on supply pressure from the sugar mills coupled with limited demand. Sugar Mar futures closed higher by 0.03% at Rs. 3,054/quintal.

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, which is in line with government's projections but lower than 28.3 MT that was 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.

The government last week increased sugar cess by Rs. 100 per quintal to fund a subsidy programme for mills. The cess levied and collected for the sugar development fund (SDF) on the sweetener produced by any factory in India at a rate of Rs 124 per quintal will be effective from February 1, 2016, the food ministry said in a notification. 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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