Sugar Futures Closed Higher On Wednesday

Sugar Futures closed higher on Wednesday due to chart based buying and expectation of good physical demand from Industrial buyers. However, adequate supplies in physical market capped further gains. Sugar Jul futures closed 0.22% higher to settle at Rs. 3,605 per quintal. Overall sugar continues to trade range bound on sufficient availability of sugar due to government policies on sugar exports and stock limits. Ministry of Consumer Affairs, Food & Public Distribution said in a note that there is more than enough sugar in the country to meet domestic requirement. Even in coming sugar season 2016-17, there would be no shortage of domestically produced sugar in India. The production of sugar estimated at about 25.1 mt in the current sugar season (2015-16) while demand about 25.5 mt.

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