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India sugar rises on festive demand, crushing delay
MUMBAI, Sept 14 |
MUMBAI, Sept 14 (Reuters) - Indian sugar futures rose to the highest level in a week on Friday on an expected rise in demand during the festivals, a delay in cane crushing and on the back of rising overseas prices.
* New York raw sugar futures jumped more than 1 percent as markets reacted positively to the Federal Reserve's aggressive new stimulus plan for the U.S. economy.
* The key October contract on India's National Commodity and Derivatives Exchange was up 1.32 percent at 3,597 rupees ($66.2) per 100 kg by 1036 GMT, after rising to 3,598 rupees earlier in the day.
* "Demand is expected to remain firm during next two months due to festivals. Stocks are sufficient, but traders are expecting supplies from new season to get delayed," said Vedika Narvekar, a senior analyst with Angel Commodities Broking.
* Indians celebrate the Ganesh festival this month, which will be followed by Dussehra in October and Diwali in November. Sugar consumption usually rises during the festival period.
* The western state of Maharashtra, the country's top sugar producer, has decided to start crushing for the 2012/13 season from Nov. 1, instead of Oct. 1, as cane has not developed well due to water shortage.
* In the Kolhapur spot market in Maharashtra, sugar edged up 2 rupees to 3,584 rupees per 100 kg.
* India's sugar output in 2012/13 is expected to fall to 24 million tonnes, from an earlier estimate of 25 million tonnes, the Indian Sugar Mills' Association (ISMA) said on Monday.
* India, the world's largest consumer of sugar, is likely to become a net importer of the sweetener as early as 2013/14, as drought-hit farmers replace cane with less water-intensive crops.
($1 = 54.34 Indian rupees) (Reporting by Rajendra Jadhav; Editing by Jijo Jacob)
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