NCDEX Sugar Price | Sugar Updates

Bargain buying might continue in sugar futures due to lower production estimates of the current year along with steady trend in domestic mandies. The NCDEX futures swelled by almost Rs 15 per quintal the last trading.

As per the latest release from Indian sugar industry body Indian Sugar Mills Association downgraded its sugar production estimates from 25 million tonnes to 24 million tonnes for 2012-13 seasons starting from October 1.

Moreover, steady trend was also seen in sugars domestic market in the last trading. The spot prices of sugar in Uttar Pradesh mandies were trading at Rs 3600-3750 per quintal with some marginal gains. Traders are expecting some festival demand in the coming days.

The NCDEX October Sugar contract spurted by almost Rs 15 per quintal to settle at Rs 3550 per quintal in last trading. The contract pared 600 positions in open interest indicating short covering by speculators. Technically , prices are likely to gather some buying around Rs 3535 per quintal while resistances are likely at Rs 3575-3780 per quintal. Via

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