India sugar seen up on demand hopes, world deficit
MUMBAI, Aug 29 (Reuters) - Indian sugar futures may open up on Friday on a likely increase in demand during upcoming festivals and a trade body forecast of a world sugar deficit in 2008/09, analysts said.
The International Sugar Organization on Thursday forecast a world sugar deficit of 3.90 million tonnes in 2008/09 compared with a surplus of 7.25 million in 2007/08. See [ID:nLS689517]
Demand for sugar usually increases during Ganesh Chaturthi, a popular 12-day Hindu festival, which starts Sept. 3.
Sugar prices may also get support from a trade official's forecast Maharashtra output, the country's biggest producer, could slump to 5.2 million to 5.7 million tonnes in the crop year beginning October. See [ID:nBOM253296]
Sugar October futures NSMV8 ended up 0.67 percent at 1,794 rupees per 100 kg on the National Commodity and Derivatives Exchange on Thursday. (Reporting by Rajendra Jadhav; Editing by Harish Nambiar)
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