Sugar Futures On NCDEX

Sugar Futures on NCDEX traded on negative note continue its sideways movement. Lower production estimates in current season and stock limits for traders keep pressure on sugar prices. Sugar Jul futures closed 0.28% down to settle at Rs. 3,535 per quintal. In current sugar year (OctSep) sugar mills have produced 246.03 lt of sugar, down 11% as compared to 276.04 lt produced in 2014-15 SS at the same corresponding period.

Moreover, India is likely to start the 2016/17 marketing year on Oct. 1 with 7 mt in carry-forward stocks, down 21.3% from a year ago. To control the domestic prices, India may scrap an order that requires sugar mills to export mandatory 3.2 mt of excess supply. Moreover, to curb speculation, NCDEX has imposed special and additional cash margins of 5% each on all sugar contracts.

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