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).

Sugar futures on ICE fell for the eighth straight session on Thursday, on expectations for large cane crush data from top grower Brazil. Traders pointed to expectations for Brazil's cane industry group Unica to release data showing a large cane crush took place in the center-south region in the second half of July.

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