Sugar Futures Closed Slightly Lower On Wednesday

Sugar Futures closed slightly lower on Wednesday after touching intraday high of Rs. 3,871 per quintal to close 0.13% down. There was profit booking after good jump earlier in the session 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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