Indian sugar steady, fresh leads eyed
Category: Sugar
(Reuters) – Indian sugar futures were steady on Monday as the market awaited the decision on import duty after last week’s meeting.
At 0949 GMT, the key January contract on the National Commodity and Derivatives Exchange (NCDEX) was 0.11 percent down at 2,781 rupees per 100 kg. It fell to 2,772 rupees on Dec. 5, the lowest since Nov. 8, 2011.
“Sugar prices may witness some recovery if they allow exports,” said Chowda Reddy, a senior analyst with Inditrade Derivatives and Commodities, adding that sugar may trade in the range of 2,760-2,840 rupees for the week.
Spot sugar edged up 3.05 rupees to 2,873.45 rupees per 100 kg at the Kolhapur market in Maharashtra state.
India is considering cheap loans and incentives to sugar companies for production of raw varieties as part of efforts to help the beleaguered mills, the country’s farm minister said on Friday.
