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Expect Sugar futures to trade sideways: Bonaz Commodities

Sugar Futures close unchanged on Tuesday due to good supplies and reports of record sugar production in UP during 2016/17 to 87.5 lakh tonnes. According to government data, Sugarcane acreage in the country was at 46.9 lakh ha last week, higher than 44.5 lakh ha a year ago.Bonaz Capital
Outlook
Sugar futures may trade sideways as the supplies have been sufficient in the domestic market. Increase in FRP may encourage farmers to take sugarcane crop. Moreover, good sowing progress in the country will keep pressure on the sugar prices.