NCDEX Sugar futures witnessed a lax movement yesterday amid mixed cues from the physical market. The NCDEX March Sugar futures have recently recovered from a three and half week low of Rs 3780 per quintal as traders focused on reports stating an early closure of the sugarcane crushing season this year.

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The futures ended at Rs 3810 per quintal, down 0.21% on the day as spot prices managed to stay supported. Spot quotes were around Rs 3940 per quintal in Muzzafar Nagar, flat on the day. Sugar despatched by sugar mills across the country from 1st October 2016 to 31st January 2017, as reported by the sugar mills, is lower by 7.5 lac tons as compared to the sugar despatched in the first 4 months of the previous sugar season 2015-16 SS. The trend of lower sales noticed from October 2016, has continued even in January 2017.