Sugar Futures Closed Little Higher Yesterday

Sugar Futures closed little higher yesterday on reports of steady spot demand and robust export figures from ISMA. Sugar May futures closed higher by 0.03% to settle at Rs. 3,436/quintal. Indian millers have so far, contracted about 13.88 lakh tonnes of sugar for exports against 2 lt in the corresponding period last year.

Sugar exports from India, the world's second-largest producer, are likely see an over 80 % jump to 20 lakh tonnes in 2015-16 marketing year, even as the production is set to drop by 9 %. Sugar mills contracts to export 14 lakh tonnes (lt) of the sweetener since October and are likely to ship out another 5-6 LT by the end of the season in September. Sugar production of India, is estimated to decline at 26 mt in 2015-16 marketing year against 28.3 mt in the previous year on deficient rains.

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