Sugar Futures Closed Lower

Sugar Futures closed lower for the third successive session on Thursday and trading in a range 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. Raw sugar futures closed higher on Thursday from Wednesday's 11-month low on short-covering and expectations of higher demand. Market expectations on Indian imports had varied from 500,000 tonnes to 1.5 mt and traders are anticipating more imports in coming months. However, there is growing worries about a surplus in the upcoming 2017-18 season which may keep the prices in check.

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