Ways2Capital - Sugar Futures Corrected A Little On Thursday

Sugar Futures corrected a little on Thursday as government asked sugar mills to ensure adequate supplies. There are reports of high domestic demand for sugar by ICRA. Meanwhile, ISMA reports 15% drop in sugar output till 15-Feb-17 compared to last year production. 

Sugar mills in the country have produced 146.72 lt of sugar this season, as compared to 173.34 lt produced as on 15th Feb 2016. Raw sugar futures rose for the third straight day after forming a technical support level and some viewed the record March delivery as bullish. Chart-based support came from triple bottom at 19.1 cents, the session low of the past three sessions.

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