UPDATE 1-Indian sugar futures end up on spot demand
(Updates to close)
MUMBAI, Dec 1 (Reuters) - Indian sugar futures ended up on Monday on improved demand for the sweetener from bulk buyers looking to stock up, although the gains were tempered by the prospect of new supplies coming into the market.
"The demand is good as traders are buying to meet their monthly requirements," Veeresh Hiremath, an analyst in Karvy Comtrade Ltd, said.
"The prices should remain firm in the short term."
The government fixes a monthly quantity that millers can sell in the open market. For December, the quantity has been fixed at 1.4 million tonnes.
The gains were limited as crushing has now started to pick up in the northern state of Uttar Pradesh, the second largest producer, putting pressure on the stocks.
"Normal crushing has started in western parts of the state and very soon crushing will start all over the state," a sugar broker from Uttar Pradesh said.
Prices in the spot market in western state of Maharashtra, the largest producer, ended up 0.45 percent at 1,786.45 rupees per 100 kg.
Following are the closing prices of sugar futures in rupees per 100 kg on the National Commodity and Derivatives Exchange <0#NSM:> Continued...



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