Sugar June futures recovered from lower levels on short coverings and settled 0.76% higher on Wednesday. Prices declined over the last few days on long liquidation, weak demand at higher levels rising supplies and lack of fresh export demand. Prices gained sharply 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 earlier decided to continue with the subsidies of Rs.3300/ qtl on raw sugar export for the months of April and May ’14. However, with forecast of below normal rains and protests by the WTO members, the same may be reversed.
ISMA has reported Sugar production between Oct -Apr at 23.75 mn tn, down 3.45 per cent against 24.6 mt during the same period a year ago.
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