Money Market Guru — NCDEX Sugar futures have taken a heavy tumble after the recent gains as poor global cues and profit selling have hurt the sentiments. The NCDEX Sugar futures for May are down 1.21% to Rs 3770 per quintal. The counter had hit a near one month high above Rs 3800 levels earlier this week. Meanwhile, the demand remains steady in local cash markets and thinning supplies can buttress prices in near term.
The global Sugar prices are plumbing on the start of the Brazilian harvest with expectations that mills will increase production of the sweetener at the expense of ethanol this season. The season official starts in April, and the pace of crushing and sugar production has already been rapid, with good weather expected for cane crushing this month. May raw sugar futures in New York have plummeted to a 12-month low, at 16.10 cents a bushel, shedding about 2% on the day. — Money Market Guru