India sugar continues uptrend on retail demand

The sugar futures extended its positive trend on Thursday on follow through buying and on emergence of retail demand for the produce.
Market reacted very positively to the statement made by agriculture ministry favouring for allowing 500,000 tons of sugar.
Market participants bought futures on hopes of likely permission for export of sugar very soon.
Spot markets also witnessed buying interest from wholesalers and retailers for marriage season demand.
Outlook
The sugar futures are projected to advance its positive trend on Friday on follow through buying.
Central food ministry’s keen to allow sugar export is likely to attract buying interest. Spot markets are witnessing active buying from wholesalers and retailers for marriage season demand. Bulk users of sugar like beverage and ice-cream industry are buying sugar to meet upcoming summer demand.
Market is reacting to the positive statement made by agriculture ministry favouring for giving permission for export of 500,000 tons of sugar under Open General License. Farm minister said that it is time to allow sugar export to reap the benefits of higher international prices.
Looking into bumper production expectation, farm ministry is favouring for export. According to trade sources, Indian mills have produced 13.4 million tons of sugar as on 15th February, higher by 16% Y/Y.

(Source: http://www.commodityonline.com/futures-trading/technical/India-sugar-continues-uptrend-on-retail-demand-22188.html)