AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)

sugar 400MUMBAI: Indian sugar futures extended losses on Tuesday to hit their lowest in over a month due to a decline in demand and on rising supplies as the government has asked mills to sell more in the December-to-March period.

 

At 0937 GMT, the key January contract on India's National Commodity and Derivatives Exchange (NCDEX) was down 0.27 percent at 3,287 rupees ($60.12) per 100 kg, after dropping to 3,283 rupees earlier in the day, a level seen on October 27.

 

Spot sugar fell 17 rupees to 3,405 rupees per 100 kg at Kolhapur in top-producing Maharashtra state.

 

"There is nothing in the market to support prices. Demand is low, supplies are more. We expect prices to fall further," said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.

 

Softening global sugar prices are also hurting sentiment, Kuvadia said.

 

Traders expected local sugar prices to find support from a delay in cane crushing in northern Uttar Pradesh state, where farmers and mills are waiting for the state government to announce the state-advised price for cane. But this didn't happen and prices fell in both the futures and the spot markets, Kuvadia said.

 

The government has allowed sugar mills to sell 7 million tonnes of sugar in the open market between December and March, including 200,000 tonnes of unsold stock from the October-November period, higher than the average monthly allocations of about 1.7 million tonnes.

 

Copyright Reuters, 2010

Comments

Comments are closed.