Sugar Futures close down last week on reports of new season crushing and government may reduce import duty to enhance domestic supplies. The most-active December sugar contract closed 2.11% down for the week to settle at 3,481 per quintal. Central government is exploring the option of lowering the 40% import duty on the sweetener in its raw form. Sugar mills in India's top producing state Maharashtra are allowed to start crushing operations from Nov. 5, nearly a month earlier than previously fixed commencement date.The government advanced crushing of sugarcane of fear that large amounts of cane may be diverted for the production of unrefined sugar jaggery and farmers may try to sell their sugarcane to the mills in neighbouring Karnataka state. Due to droughts, sugar production in Maharashtra is likely to drop nearly 40 percent to 5 million tonnes in the 2016/17 season started on Oct. 1 compared with a year earlier.
For more information and accurate
MCX Tips,
NCDEX Tips ✆ – 0731-6642300
Connect with our social media sites
No comments:
Post a Comment