Sugar Futures See Some Fresh Buying

Sugar Futures see some fresh buying during the last week and closed higher on anticipation of good physical demand as supplies have been constant. There is good demand from industrial buyers. 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 lower for the week 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. Mills in Brazil's Centre-South region produced 1.12 mt of sugar during the second fortnight of April, down 38.1% from 1.81 mt produced a year ago.

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