NCDEX Jul’16 Sugar Futures Closed

NCDEX Jul’16 Sugar Futures closed lower on Monday due to expectation of regular and sufficient supplies in the physical market as Government taking steps to stabilize price by imposing stock limits. Sugar Jul futures closed 0.25% lower to settle at Rs. 3,529 per quintal. The Centre is considering option of lowering the import duty on sugar to boost supplies meanwhile, Maharashtra imposes stock-holding limits on sugar to check prices from rising.

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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