Sugar Futures Closed Lower



Sugar Futures closed lower for the second consecutive session on reports that US sugar mills selling large volumes of sugar in the physical market while government is considering sut of sugar import duty. Moreover, the domestic consumption of white sugar may be down this year mainly due to demonetization and reduction of demand from the bulk buyers. 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, hotels and restaurants account for 60-70% of the country's sugar demand. Government is likely to revise down its estimate on sugar output in 2016-17 (Oct-Sep) from 22.5 mt forecast earlier due to shortage of cane in Maharashtra and Karnataka.

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