Sugar Futures Closed Higher On Monday

Sugar Futures closed higher on Monday on bargain buying but still there is pressure on expectation of good production next year and good domestic supplies. India’s sugar production is set to rebound from a seven-year low as above-normal monsoon rain in the world’s largest consumer helps the cane crop that will be crushed from Oct. 1. According to government data, sugarcane acreage in the country was at 47.5 lakh ha, higher than 44.8 lakh ha a year ago. Recently government hiked Sugar import duty to 50 per cent to support domestic prices.

ICE Raw sugar futures closed flat yesterday on reports of good supplies and higher production estimates in the coming year. Moreover, improved sugar production in Brazil is setting bearish tone for sugar. Biweekly cane industry data from Brazil showed millers in the country's center-south region increased sugar output in the second half of June.

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