Sugar Futures Closed Higher On Week

Sugar Futures closed higher on week on news that government might increase import duty. However, good domestic supplies and steady physical demand is pressurizing prices during last one month. India’s sugar production is set to rebound from a sevenyear 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.

ICE Raw sugar futures closed higher on technical rebound last week but still favourable outlook for 2017/18 crops kept the market under pressure. Ample supplies continued to weigh on the market, with crop-friendly weather in Brazil, India and Thailand fueling expectations for a surplus in the 2017-18 season.

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