Sugar Mar. futures closed 0.24 per cent higher on Thursday due to good domestic demand and buying support at lower prices. Further rise is capped by huge stocks of sugar are lying with the traders following persistent supply from the sugar mills.
As per the latest estimates released by the Indian Sugar Mills Association (ISMA), India produced 194 lakh tonnes (lt) of sugar up to February 28, about 23.6 lt more than at the same time last season. Maharashtra, the country’s largest sugar producing State, produced 74 lt, against an output of 57.54 lt last season.
The falling raw sugar prices in global markets making it unviable for the sugar mills to participate in exports despite export sops. Indian mills have been contracted to export 50,000 tonnes of raw sugar in the first overseas sale in the season that began in October (Reuters).
Earlier, the Cabinet Committee on Economic Affairs (CCEA) has approved incentive scheme for marketing and promotion services of raw sugar production during 2014-15 (October-September) for a quantity of 1.4 million tonnes.
Outlook
Sugar futures may trade on a mixed to negative note, as there is ample supplies of white sugar in the domestic market and raw sugar exports are unviable for the sugar companies as world prices are down.Visit Here
http://www.epicresearch.co
GET FREE TRIAL +91 731 6642300
As per the latest estimates released by the Indian Sugar Mills Association (ISMA), India produced 194 lakh tonnes (lt) of sugar up to February 28, about 23.6 lt more than at the same time last season. Maharashtra, the country’s largest sugar producing State, produced 74 lt, against an output of 57.54 lt last season.
The falling raw sugar prices in global markets making it unviable for the sugar mills to participate in exports despite export sops. Indian mills have been contracted to export 50,000 tonnes of raw sugar in the first overseas sale in the season that began in October (Reuters).
Earlier, the Cabinet Committee on Economic Affairs (CCEA) has approved incentive scheme for marketing and promotion services of raw sugar production during 2014-15 (October-September) for a quantity of 1.4 million tonnes.
Outlook
Sugar futures may trade on a mixed to negative note, as there is ample supplies of white sugar in the domestic market and raw sugar exports are unviable for the sugar companies as world prices are down.Visit Here
http://www.epicresearch.co
GET FREE TRIAL +91 731 6642300
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