Sugar Futures Closed Lower On Wednesday

Sugar Futures closed lower on Wednesday 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 rose to their highest level in seven weeks on Wednesday, supported by broad-based commodity buying and concerns about cold crop weather in Brazil. Market participants were monitoring weather in Brazil, where there were concerns about frost damaging some cane and low temperatures were forecast in the coming days.

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