Sugar Futures close higher on Tuesday due to bargain buying by the market participant on anticipation of good demand and Bombay high court stays order on sugar stock ceiling in Maharashtra. The most-active December sugar contract closed 0.17% higher to settle at 3,485 per quintal. Sugar millers in Maharashtra heaved a sigh of relief as the Bombay High Court temporarily put a stay on action, by either the Central or state government, against millers who had failed to adhere to 24 per cent stock ceiling.Moreover, government is looking to enhance domestic supplies by reduce import duty if the prices domestic market increase. Central government is exploring the option of lowering the 40% import duty on the sweetener in its raw form.
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