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ICE raw sugar bounced back Thursday after a five-day losing streak

Sugar Futures fell on Thursday due to profit booking from higher levels as market is expecting production estimate by the mills till 15th Dec. However, there is good steady demand from the market participants on reports of slowing production due to cane scarcity in Maharashtra. The most-active March sugar contract closed 0.52% lower to settle at 3,662 per quintal.

Global Updates

ICE raw sugar bounced back Thursday after a five-day losing streak, as some buyers showed up after a steep drop in sugar prices. Sugar’s gains were also supported by firmer oil prices, as higher oil prices tend to encourage sugar mills to switch cane production toward ethanol.

Outlook

We expect sugar prices to trade sideways on anticipation of cane scarcity in Maharashtra but production in UP is going to be good this season. However, there are also reports of easing supplies in the coming months as crushing season is going on in all the sugarcane growing states. Government has extended stock limit on sugar till end of the crushing season to keep the supply sufficient.

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