According to Angel Commodities, Sugar futures may trade sideways on good festive demand, but forecast of higher production and good availability of sugar with the mills may keep the prices steady.
Angel Commodities' report on Sugar
Sugar Futures closed unchanged on news that the production in the country will jump 24% in 2017/18 to to around 25 mt. The country's sugar output in the ongoing 2016 - 17 marketing year (October - September) is estimated to be lower at 20.2 mt because of poor rai ns. India is the world's second biggest sugar producer. Raw sugar futures on ICE fell to their lowest in nearly six weeks on Tuesday, pressured by a forecast for much - needed rain in top producer Brazil and the expectation for a lack of nearby demand as the October contract nears expiry.
OutlookSugar futures may trade sideways on good festive demand, but forecast of higher production and good availability of sugar with the mills may keep the prices steady.
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