Sugar Futures Closed Lower On Thursday

Sugar Futures closed lower on Thursday 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 abovenormal 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 settled higher due to strong Real. Moreover, contract has been boosted by worries about tighter nearby deliverable supplies. 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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