Sugar Futures Closed Lower Last Week



Sugar Futures closed lower last week on reports that UP sugar mills selling large volumes of sugar in the physical market while government is considering cut of sugar import duty. The All India Sugar Trade Association has sought duty-free import of 1.0-1.5 mt of sugar to improve domestic supplies to reduce prices further in the physical market. India's domestic consumption of sugar is expected to fall 3.0-3.5% to around 24 mt in the current season ending September. Bulk consumers including soft drink manufacturers, bakeries, confectioners and restaurants account for 60-70% of the country's sugar demand.

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