India Sugar plunges on selling pressure

The bearish trend in the sugar futures market has been extended on Saturday also on continued selling pressure backed by bearish fundamental factors.
Poor buying interest from traders and bulk buyers both in spot and futures along with ample supplies had a bearish impact on the market.
Higher sale quota for April month resulted into weak trend in the market.
Outlook
The sugar futures are expected to trade on a weaker note extending its uninterrupted weak trend on continued selling pressure.
Poor off-take of the produce amid higher arrival is putting pressure on the market. Demand from wholesalers and bulk buyers is poor, which is exerting pressure on the market.
Higher sale quota fixed for the month has been putting pressure on the market. The sale quota fixed for April month is 19.07 lakh tons, marginally higher than March month’s 18.86 lakh tons.
Ease in trade norms like allowing export and revision in stock limit failed to have major impact on the market. Derivative analysis is indicating continuation of weak trend during the day.
Courtesy: Karvy Commtrade Ltd.

(Source: http://www.commodityonline.com/futures-trading/technical/India-Sugar-plunges-on-selling-pressure-23129.html)