According to Angel Commodities, expect sugar prices to trade sideways to higher on good physical demand from the stockists and bulk buyers despite extending sugar stocks on traders.
Angel Commodities' report on Sugar
Sugar Futures closed lower as government extends curbs on holding of sugar stocks by six months for the sugar dealers and traders. Currently, there is a stock limit of 500 tonnes and turnover limit of 30 days for sugar traders in the country other than those in West Bengal. The stock limit for traders in West Bengal is 1,000 tonnes.
We expect sugar prices to trade sideways to higher on good physical demand from the stockists and bulk buyers despite extending sugar stocks on traders. However, reports of higher sugar production in UP and announcement of duty free imports of raw sugar may keep the prices steady.
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