Sugar Futures Fell By More Than 1% On Tuesday

Sugar Futures fell by more than 1% on Tuesday due to possibility of more imports in the country as international prices have drop. In addition to the import of nearly 5 lt of raw sugar allowed by the central government, nearly 3 lt of raw sugar is on its way to the country as international raw sugar prices have tumbled. According to government data, Sugarcane acreage in the country was at 47.5 lakh ha, higher than 44.8 lakh ha a year ago.

ICE Raw sugar futures settled higher on Tuesday on low level buying by the market participants. Market participants were monitoring weather in Brazil as drier conditions could benefit the cane crush and further weigh on prices.. The sugar market is heading for a surplus of 3.5 million tonnes in 2017/18, Sucden said in a quarterly report.

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