Sugar Futures Closed Unchanged On Tuesday

Sugar Futures closed unchanged on Tuesday due to steady spot demand and good supplies from mills. Market participants are expecting better summer demand from the industrial buyers as there is probability of lower production this season. Moreover, 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. Recently, ISMA lowered the production estimate by about 10 lakh tonnes (lt) for 2016/17. Moreover, Maharashtra’s cane crushing season of 2016- 17 has come to an end. This is among the shorter seasons in Maharashtra after two consecutive droughts and has produced only 41.6 lt sugar so far compared to 83.75 lt of sugar as on 30th April 2016.

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