Sugar Futures Closed Higher Last Week

Sugar Futures closed higher last week on expectation of good physical demand. The government is considering allowing imports of 3-5 lt of sugar at a concessional duty of 25%, as it weighs a raft of proposals to boost supplies in the build-up to the festival season, especially in southern states where a deficit is anticipated in September and October. The food ministry expects sugar output in 2017-18 (Oct-Sep) at 235-240 lakh tonnes (lt), much below 251 lt projected by the Indian Sugar Mills Association (ISMA).

ICE October raw sugar settled down 0.17 cent, or 1.2 percent, at 14.14 cents per lb. It closed the week down 1.6 percent, its biggest weekly drop in six weeks. Earlier, Brazilian government reduced a federal ethanol tax on Friday, after the market closed, while maintaining higher diesel and gasoline rates which may support sugar prices.

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