Sugar Futures Closed With Little Gain On Friday

Sugar Futures closed with little gain on Friday but still trading in a range tracking weak international prices and higher availability of sugar in domestic market as Uttar Pradesh produced 8.70 mt of sugar during Oct 1-May 1, up 28% from a year ago. Moreover, government extends curbs on holding of sugar stocks by six months for the sugar dealers and traders. As per USDA, India’s sugar production in marketing year (MY) 2017/18 (Oct-Sept) is expected to increase by 18% to 25.8 mt. 

Raw sugar futures closed lower last week as the global production is forecast to rise by 7% to a record 188.1 mt in 2017/18 and expected surplus of 4.72 mt according to Green Pool. Sentiment was also dampened by signs of slowing imports from Myanmar, seen as a route into China. Moreover, EU liberalizes its sugar production policy to boost output and expected to regain its place as a net-sugar exporter for the first time in over a decade.

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