Sugar Futures Continue

Sugar Futures continue to gain last week on reports of tighten supply due to lower production. Moreover, robust export figures from ISMA to support prices. Sugar May futures closed higher by 0.63% to settle at Rs. 3,510 per quintal. Indian millers have so far, contracted about 13.88 lt 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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