India sugar continues uptrend on fresh buying

The positive in the sugar futures market was extended on Wednesday on follow through buying.
Revamp in physical demand for the produce to meet the upcoming demand lent support to the futures market.
Domestic traders and investors continued buying sugar futures anticipating revival in demand for the produce from beverage and ice-cream industry as the mercury level is rising.
Stockist buying was seen after government raised the stock limit. Spot markets have started witnessing active buying interest from bulk buyers ahead of summer season and festival season in India.
Outlook
The positive trend in the sugar market is likely to be extended on Thursday on follow through buying.
Spot markets are witnessing active buying interest from wholesalers and bulk-buyers. Summer season demand from beverage industry is resulting into additional demand for the produce.
Stockists have become active in the cash market following revision in stock limit. In a move to stabilize the prices, central government raised the stock limit level from 200 tons to 500 tons and also allowed export of 500,000 tons of sugar.
Derivative analysis (rise in price, volume and open interest) is indicating continuation of positive trend for the day.
Courtesy: Karvy Commtrade Ltd.

(Source: http://www.commodityonline.com/futures-trading/technical/India-sugar-continues-uptrend-on-fresh-buying-23324.html)