Sugar Futures Recover From Lower Levels On Wednesday

Sugar Futures recover from lower levels on Wednesday on bargain buying. The prices may get support on expectations of higher demand for sugar in coming weeks. 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).

As per the officials, Sugar output in Uttar Pradesh may rise to about 92-93 lt in 2017-18, up from 88 lt produced this year, while in Maharashtra, sugar production may rise to 73 lt, up from 42 lt produced in 2016-17.

ICE Sugar futures little lower due to technical selling yesterday after closing two-month high on Monday, 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.

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