Sugar Futures See Some Fresh Buying

Sugar Futures see some fresh buying in the trade on Thursday on anticipation of good physical demand. There is good demand from industrial buyers but the supplies are also matching. 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 (Oct-Sept) 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. Raw sugar futures closed flat on Thursday on reports of lower crushing data from Brazil while there are sufficient stocks in world market. 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. However, forecast of global production to rise by 7% to a record 188.1 mt in 2017/18 and expected surplus of 4.72 mt keeping prices under pressure.

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