Feb 17, 2017 02:33 PM IST | Source: Moneycontrol.com

Expect Sugar prices to trade higher on anticipation: Angel

According to Angel Commodities, We expect sugar prices to trade higher on anticipation of further increase in demand from the stockists on news that India needs to import sugar later in the season.

Expect Sugar prices to trade higher on anticipation: Angel

Angel Commodities report on Sugar

Sugar Futures closed higher for the second day on reports that the country might import sugar later in the season. Sugar millers say they are afraid that imports would hit the industry and farmers. As per the Chairman of All India Sugar Trade Association, India may need to import around 1.5 mt of sugar this 2016/17 season.

India’s sugar production fell by 10 % to 128.6 lt in the first four months of the 2016-17 marketing year that started October last, due to lower cane production in Maharashtra because of drought.

Outlook

We expect sugar prices to trade higher on anticipation of further increase in demand from the stockists on news that India needs to import sugar later in the season. The market is also waiting for any government policy regarding stock limit or import tax exemption which will pressurize prices.

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