Expect Sugar prices to trade sideways: Angel Commodities
According to Angel Commodities, expect sugar prices to trade sideways on reports of higher sugar production in UP and announcement of duty free imports of raw sugar.
Angel Commodities' report on Sugar
Sugar Futures closed higher on Monday on expectation of good demand from the bulk buyers in coming weeks. ICRA reports that the sugar production is likely to decline by 19% to 203.3 lakh tonnes (lt) during sugar year (SY) 2017, due to poor rainfall during previous monsoon in key producing states like Maharashtra and Karnataka.
We expect sugar prices to trade sideways on reports of higher sugar production in UP and announcement of duty free imports of raw sugar. However, good demand from the stockists and bulk buyers during the coming festival season and summer season may support sugar prices.
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