Sugar Futures Price Closed Higher

Sugar Futures price closed higher on Wednesday due to speculative buying on expectation of tight supplies in coming months. Sugar Oct futures closed 1.29% higher to settle at Rs. 3,851 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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