Sugar Futures Closed Lower By More Than 2%

Sugar Futures closed lower by more than 2% on lower volume on Tuesday due to lack of activities in the physical market. In another development, Maharashtra government seeks differential pricing for sugar where industrial buyers have to pay more while retail consumer pays less. There are reports of rebound of sugarcane production in the next year due to higher acreage. As per USDA, India’s sugar production in marketing year (MY) 2017/18 (OctSept) is expected to increase by 18% to 25.8 mt. Moreover, government extends curbs on holding of sugar stocks by six months for the sugar dealers and traders.

ICE Raw sugar futures jumps higher for the second consecutive session on reports of recent rains in Center-South Brazil slowing the pace of crushing. Moreover, lower crushing data from Brazil and produced 1.12 mt of sugar during the second fortnight of April, down 38.1% from 1.81 mt produced a year ago. According to UNICA, mills in the main center-south cane belt in Brazil crushed 24.091 mt of cane in the second half of April, down 33.5% from the same period last year.

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