Sugar Futures Corrected At Higher Levels Yesterday.

Sugar Futures corrected at higher levels yesterday. However, good physical demand on reports of lower production estimated in current season capped further loss. Sugar Jul futures closed 0.66% lower to settle at Rs. 3,590 per quintal. In USDA- sugar annual report, Production in India is forecast to drop 2.2 mt to 25.5 mt due to lower area and yield. Moreover, consumption is forecast to rise marginally to a record 27.2 mt Drought conditions encouraged farmers to keep existing cane in production longer rather than planting new cane. However, stock limits for traders may keep pressure on sugar prices in the spot market. To curb speculation, NCDEX has imposed special and additional cash margins of 5% each on all sugar contracts.

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