Sugar Futures Corrected Yesterday

Sugar Futures corrected yesterday as market participants booked their profits. Sugar May futures closed lower by 0.76% to settle at Rs. 3,542 per quintal. However, reports of tighten supply due to lower production may keep prices above 3,500 levels. Moreover, robust export figures from ISMA to support prices.

As per recent estimate, India is expected to produce 25.64 mt of sugar lower form 26 mt forecasted last month in 2015-16 marketing year against 28.3 mt in the previous year on deficient rains. Indian millers have so far, contracted about 14 lt of sugar for exports. Sugar exports from India are likely see an over 80 % jump to 20 lt in 2015-16 marketing year, even as the production is set to drop by more than10%.

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