Sugar Futures On NCDEX Closed Lower On Wednesday

Sugar Futures on NCDEX closed lower on Wednesday and traded in a narrow range as there was no decision on sugar import tax cut in the Union budget. Earlier, Indian Sugar Mills Association (ISMA) assures that the supplies are comfortable and the country won't need to import sugar this season. However, sugar production in the country set to dip to seven-year low this season due to shortage of cane. ISMA) has lowered sugar production estimate for 2016-17 to 21.3 mt by about 9% compared to 23.37 mt, projected in Sep 2016. Moreover, India's sugar production by mid-Jan down by 6% as compared last year.

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