Sugar Futures Closed Down

Sugar Futures closed down on Wednesday as investors are waiting for any other government move to control sugar prices. Market is expecting production deficit for current as well as in the next year. Sugar Jul futures closed 0.11% down to settle at Rs. 3,527 per quintal. Government taking steps to ensure regular supplies and stabilize price by imposing stock limits.

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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