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 rains. India is the world's second biggest sugar producer. Raw sugar futures climb away from three - month lows on Thursday, helped by short covering. According to UNICA, Mills in Brazil's Centre - South region produced 3.13 mt of sugar in the first fortnight of September, up 29.2% from 2.42 mt produced a year ago.Outlook
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.
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