NCDEX Jul’16 Sugar Futures Closed Higher

NCDEX Jul’16 Sugar Futures closed higher on Friday. However, expectation of good supplies in the physical market capped further gains. Government taking steps to ensure regular supplies and stabilize price by imposing stock limits. Sugar Jul futures closed 0.65% higher to settle at Rs. 3,538 per quintal. Market is expecting production deficit for current as well as in the next year.

India, the world’s largest producer after Brazil, is seen shipping 2.9 million tons in 2015-16, making it the fourth-biggest exporter in 2015-16, according to data from the USDA. Moreover, domestic production is forecast to drop 2.2 mt to 25.5 mt due to lower area and yield and consumption is forecast to rise marginally to a record 27.2 mt.

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