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We Expect Sugar Prices To Trade Sideways by Ripples Advisory Pvt Ltd
Sugar Futures closed lower on Monday on reports that UP sugar mills selling large volumes of sugar in the physical market while government is considering cut of sugar import duty. The All India Sugar Trade Association has sought duty-free import of 1.0-1.5 mt of sugar to improve domestic supplies to reduce prices further in the physical market. India's domestic consumption of sugar is expected to fall 3.0-3.5% to around 24 mt in the current season ending September. Bulk consumers including soft drink manufacturers, bakeries, confectioners and restaurants account for 60-70% of the country's sugar demand.
Raw sugar futures on ICE closed lower on Monday due to long liquidation by investors had been weighing on the market against the backdrop of an anticipated global surplus in the 2017/18 season. As per US government data (CFTC), Speculators reduced a bullish position in raw sugar to a more than one-year low on ICE Futures U.S. in the week to March 21.