Sugar Futures Closed Unchanged Yesterday

Sugar Futures closed unchanged yesterday 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 0.1 cent, or 0.7 percent, at 13.78 cents per lb. The market was underpinned by the possibility that India will allow an extra 200,000 tonnes of duty-free imports. Earlier, Brazilian government reduced a federal ethanol tax on Friday, while maintaining higher diesel and gasoline rates which may support sugar prices but export demand for sugar is still a concern this year.

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