Sugar Futures Corrected

Sugar Futures corrected from its higher levels on Friday. Center is planning to reduce import duty on sugar as part of its efforts to control sugar prices. Sugar Jul futures closed 0.17% lower to settle at Rs. 3,584 per quintal. In USDA- sugar annual report, domestic production 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. 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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