Sugar futures edge up on good demand expectations
Supplies may rise up to 2.1 mt after govt said it will convert all unsold sugar to levy sugar
MUMBAI: Indian sugar futures rose on Tuesday morning on expectations of good spot demand as the festival season peaks next month, analysts said.
At 10:47 a.m., the November sugar rose 0.57 per cent to Rs1,772 per 100 kg on the National Commodity and Derivatives Exchange.
Traders are also expecting the government to extend the deadline for millers to sell sugar from the buffer stock, thereby lowering supplies this month, they added.
Sugar supplies in India in the open market in September may rise up to 2.1 million tonnes after government early this month said it will convert all unsold sugar as on Sept. 30 from the dismantled buffer stock into levy sugar.
Indian millers have requested the federal government for more time to sell sugar from the dismantled buffer stock, a senior industry official said last week.
If government allows more time to the millers the supplies in September would slip and push up prices, analysts said.
At 10:47 a.m., the November sugar rose 0.57 per cent to Rs1,772 per 100 kg on the National Commodity and Derivatives Exchange.
Traders are also expecting the government to extend the deadline for millers to sell sugar from the buffer stock, thereby lowering supplies this month, they added.
Sugar supplies in India in the open market in September may rise up to 2.1 million tonnes after government early this month said it will convert all unsold sugar as on Sept. 30 from the dismantled buffer stock into levy sugar.
Indian millers have requested the federal government for more time to sell sugar from the dismantled buffer stock, a senior industry official said last week.
If government allows more time to the millers the supplies in September would slip and push up prices, analysts said.
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