Sugar Futures Close Flat In The Futures Market

Sugar Futures close flat in the futures market due to good supplies and steady demand from the physical market. The government has increase fair and remunerative price (FRP) of sugarcane by Rs 25 per quintal to Rs 255 for 2017-18 season beginning October. Sugarcane acreage in the country was at 46.5 lakh hectares last week, higher than 43.9 lakh ha a year ago. Moreover, government extends curbs on holding of sugar stocks by six months for the sugar dealers and traders.

ICE Raw sugar futures traded under pressure due favorable crop weather, a recent cut in gasoline prices in top grower Brazil and an improving crop outlook for in India, the world's No 2 producer, due to monsoon rains. Data shows that there is stronger-than expected cane crush in Center-South Brazil in the first half of May due to dry weather. There was cut in the average price of gasoline by Brazil's state-run oil company which increases the attractiveness of using cane for sugar rather than for producing ethanol.

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