Sugar prices hits upper circuit in future trading on commodity exchange in comparison to its previous 11 months. All sugar contracts reported more than three percent hike in national commodity exchange National Commodity and Derivatives Exchange(NCDEX). Total turnover around this year is 200 percent. Indian sugar prices are expected to gain further by Rs.160 - Rs.170 a quintal from the current decision level.
In Indian markets, Sugar Prices are expected to trade in the range of Rs. 2,900- Rs.3,200 a quintal in this month. Total Sugar output is estimated to remain at 26 million tonnes this year against consumption of 22 mt. With around 5 mt of carryover to stock, the market is expected to remain in heavy oversupply this year.
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