Monday 16 June 2014

Capital stroke NCDEX Update : SUGAR 16 June 2014




Sugar futures traded on a positive note last week on forecast of below normal rains coupled with increased subsidies on export of raw sugar and demand from the bulk consumers. However, prices corrected from higher levels as the government said that import duty will not be raised coupled with rising supplies and lack of fresh export demand and settled 0.3% higher w-o-w.

The government has decided to restore the subsidies on raw sugar export to Rs. Rs. 3300/tn from Rs. 2777/tn for the months of June and July. However, the same is yet to be notified.

According to the Ministry of Agriculture, can sowing as on 12th June, 2014 stands at 4.4 mn ha as against 4.1 mn ha last year.

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