Sugar Futures Closed Little Higher On Thursday

Sugar Futures closed little higher on Thursday and continue its sideways movement. During current kharif, there are reports of good sowing progress for sugarcane following above normal rains in sugar belts of Maharashtra, Karnataka and UP. Sugar Oct futures closed higher by 0.24% to settle at Rs. 3,833 per quintal. According to data released by the agriculture ministry, acreage under sugarcane in India was at 45.8 lakh hectares as on last week, up 2.2% from 44.8 lakh hectares a year ago. Overall sugar continues to trade range bound on expectation of tight supplies. n Uttar Pradesh, sowing has been carried out over 21.8 lakh hectares (lh), up 11.3% from a year ago. The acreage in Maharashtra, India's largest sugar producer, fell 7.2% on year to 762,000 ha, while in Karnataka, it was down 11.1% compared to a year ago.

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