Sugar Futures Closed

Sugar Futures closed flat on Thursday as government imposing stock limit to stabilize prices and avoid black marketing and hoarding. However, anticipation of supply deficiency in coming months capped further loss. Sugar Jul futures closed 0.06% lower to settle at Rs. 3,541 per quintal. The Centre is considering option of lowering the import duty on sugar to boost supplies meanwhile, Maharashtra imposes stock-holding limits for retail for 500 quintals and for wholesaler for 5,000 quintals for the maximum of one month on sugar to check prices from rising. Moreover, domestic production is forecast to drop 2.2 mt to 25.5 mt due to lower area and yield while consumption is forecast to rise marginally to a record 27.2 mt. For the next year, Maharashtra and Karnataka will have weak crop and the stock balance going forward is going tight.

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