Indian sugar futures rise on export hopes, spot
Indian sugar futures rose on Thursday, supported by firm spot prices and hopes a rise in oil prices will spur diversion of cane globally to produce biofuel ethanol and help exports.
By Agencies |
MUMBAI: Indian sugar futures rose on Thursday, supported by firm spot prices and hopes a rise in oil prices will spur diversion of cane globally to produce biofuel ethanol and help exports. At 4:13 p.m. (1043 GMT), the November on the National Commodity and Derivatives Exchange was up 0.31 percent at 1,285 rupees ($32.4) per 100 kg.
The December contract rose 0.33 percent to 1,230 rupees. World sugar prices should get a boost as demand for ethanol, a biofuel produced from cane, will rise with oil trading above $87 a barrel, Lopa Sanghvi, analyst with Anand Rathi Commodities Ltd, said.
"This may generate export enquiries," she said. Spot prices in the western state of Maharashtra firmed 0.9 percent to 1,346.80 rupees per 100 kg, exchange data showed, supported by festival demand.
The December contract rose 0.33 percent to 1,230 rupees. World sugar prices should get a boost as demand for ethanol, a biofuel produced from cane, will rise with oil trading above $87 a barrel, Lopa Sanghvi, analyst with Anand Rathi Commodities Ltd, said.
"This may generate export enquiries," she said. Spot prices in the western state of Maharashtra firmed 0.9 percent to 1,346.80 rupees per 100 kg, exchange data showed, supported by festival demand.
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