Sugar Futures Closed Unchanged On Monday

Sugar Futures closed unchanged on Monday on expectation of sufficient supplies. However, the prices may get support on expectations of higher demand for sugar in coming weeks. Stockists and industrial buyers are active in buying sugar from the mills which may keep the sugar prices firm in next three months. Recently government hiked Sugar import duty to 50 per cent to support domestic prices.

ICE Sugar futures jumped to a two-month high on Monday, as speculators covered their short positions following a tax change in Brazil that will make ethanol more competitive there, potentially reducing availability of sugar from cane. The Brazilian government reduced a federal ethanol tax on Friday, after the market closed, while maintaining higher diesel and gasoline rates. As per UNICA, Brazil's center-south region produced 3.101 mt of sugar in the first half of July. Prices pressurize further after a Brazilian federal judge suspended a large fuel tax increase.

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