Sugar Futures Closed Little Higher

Sugar Futures closed little higher on bargain buying and reports of good physical demand from the bulk buyers. However, the prices have been supported on reports that center allows duty-free imports of 5 lakh tonnes of raw sugar. Prices have increase in recent trades due to ICRA report that the Sugar production is likely to decline by 19% to 203.3 lakh tonnes (lt) during sugar year (SY) 2017, due to poor rainfall during previous monsoon in key producing states like Maharashtra and Karnataka. As per physical market players, India's sugar output in the ongoing season ending Sept is unlikely to touch the 200 lt mark.

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