Sugar prices in the intraday are likely to trade sideways due to sufficient supplies in the domestic market. Further, prices are likely to find support on expectations that government may allow exports under OGL very soon. Also, firmness in the international markets is seen supporting Sugar prices.
From long term perspective, prices are expected to take cues from the Sugar output estimates in the domestic market, change in government policies with respect to exports and International Sugar prices, which would be influenced by the supplies from Brazil, Thailand and India and demand from China.
Sugar Nov NCDEX Futures R s. /qtl support: 2725-2735 resistance: 2760-2770
Sugar Nov MCX Futures R s. /qtl support: 2760-2770 resistance: 2800-2810
