Sugar Futures Jumped On Friday

Sugar Futures jumped on Friday on supply concern expected by market participants as crushing season could end early this year. It is also expected that there will be good export demand. Sugar May futures closed lower by 1.21% to settle at Rs. 3,353/quintal.

ISMA reported that Indian mills have achieved 2 per cent increase in sugar production for Oct-Feb period. 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 OctFeb, which is higher by 2% compared to corresponding period of last year. 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. India has contracted to exported 1.25 mt of sugar so far in the ongoing 2015-16 marketing year.

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