Sugar Futures Gain

Sugar Futures gain on reports of good export demand as International prices have increased. However, higher supplies in the domestic market capped further gains. ISMA reported that Indian mills have achieved 2 per cent increase in sugar production for Oct-Feb period. Sugar Mar futures closed higher by 0.36% to settle at Rs. 3,334/quintal. However, there is expectation of better exports from the country as International prices have improved significantly. Mills have already contracted to ship out 1.2 mt, out of the 4 mt of sugar, government has mandated for the sugar millers.

 ISMA in its press release estimated sugar output at 19.94 mt for the period Oct-Feb, which is higher by 2% compared to corresponding period of last year. Sugar production of India, is estimated to decline at 26 million tonnes in 2015-16 marketing year against 28.3 million tonnes in the previous year on deficient rains. India has contracted to exported 1.25 mt of sugar so far in the ongoing 2015-16 marketing year.

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