Sugar Futures closed unchanged last week on balance in demand and supply. Moreover, there are reports that Maharashtra sugar mill may start crushing early this season. The government is considering allowing imports of 3-5 lt of sugar at a concessional duty of 25%, as it weighs a raft of proposals to boost supplies in the build-up to the festival season, especially in southern states where a deficit is anticipated in September and October. The food ministry expects sugar output in 2017-18 (Oct-Sep) at 235-240 lakh tonnes (lt), much below 251 lt projected by the Indian Sugar Mills Association (ISMA).

Outlook

Sugar futures may trade sideways on expectation of sufficient stock position with the mills while the demand is steady.

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