Sugar prices to trade sideways: Angel Commodities
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.
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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