Sugar future likely to trade on sideways: Karvy report
Updated: Jul 18, 2015 10:20:06am
New Delhi, July 18 (KNN) Sugar future may trade on positive bias as speculators may build fresh long position mainly due to expected delay in the crushing activities in coming season.
According to Karvy report, emerging demand of sugar in northern region supported sugar price at major trading centres in northern region.
However prices remained unchanged at Vashi, Mumbai whole sale market due to supply pressure. S -Grade traded at Rs 2150 to Rs 2250 while M- grade traded at Rs 2300 to Rs 2400 per quintal at Vashi Mumbai whole sale market, it said.
After a refusal of starting crushing activities in coming season by sugar mills in Uttar Pradesh, private mills in Maharashtra has also refused to start crushing activates in coming season due concern over higher FRP.
Area used for sugar plantation in India for year 2015-16 is higher as around 44.29 lakh hectare was sown under cotton higher by 0.8 per cent year on year.
Meanwhile the anticipated lower sugar production in Brazil and Thailand led sugar futures trade higher at ICE. October delivery raw sugar contract at ICE closed at 12.64 cent/lb, higher by 0.64 per cent from the previous close. (KNN Bureau)
According to Karvy report, emerging demand of sugar in northern region supported sugar price at major trading centres in northern region.
However prices remained unchanged at Vashi, Mumbai whole sale market due to supply pressure. S -Grade traded at Rs 2150 to Rs 2250 while M- grade traded at Rs 2300 to Rs 2400 per quintal at Vashi Mumbai whole sale market, it said.
After a refusal of starting crushing activities in coming season by sugar mills in Uttar Pradesh, private mills in Maharashtra has also refused to start crushing activates in coming season due concern over higher FRP.
Area used for sugar plantation in India for year 2015-16 is higher as around 44.29 lakh hectare was sown under cotton higher by 0.8 per cent year on year.
Meanwhile the anticipated lower sugar production in Brazil and Thailand led sugar futures trade higher at ICE. October delivery raw sugar contract at ICE closed at 12.64 cent/lb, higher by 0.64 per cent from the previous close. (KNN Bureau)
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