Sugar futures traded on a positive note on Monday lower level buying and reports that the government may consider increasing import duty and settled 1.37% higher. ISMA seeks a hike in import duty from 15% to 40% to protect the domestic sugar industry. Prices declined earlier on weak demand coupled with rising supplies and lack of fresh export demand.
The Maharashtra government in its state budget has exempted sugarcane purchase tax for 2013-14.
According to a circular released by NCDEX, some changes have been made in the contract specifications in Oct’14 expiry futures and thereafter. Kindly refer the circular for further details.
Prices were on a bullish trend since February on demand from the bulk consumers coupled with lower output this season and forecast of below normal rains by the IMD.
The government, in its notification, has cut the subsidies on raw sugar export from Rs. Rs. 3300/tn to Rs. 2777/tn for the months of April and May ’14.
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