Sugar Futures Continue Its Sideways Movement

Sugar Futures continue its sideways movement and closed lower on Monday. Sugar Oct futures closed 0.08% down to settle at Rs. 3,800 per quintal. Overall sugar continues to trade range bound on sufficient availability of sugar due to government policies on sugar exports and stock limits. According to data released by the agriculture ministry, acreage under sugarcane in India was at 45.8 lakh hectares as on last week, up 4.8% from 43.7 lakh hectares a year ago. The acreage in Maharashtra, largest producer of sugar, has fallen 7.2% on year to 762,000 ha, while in Karnataka, it was down 3.0% from a year ago. However, in Uttar Pradesh and Tamilnadu the area is higher than last year.

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