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India sugar futures fall after cabinet extends cap on stocks by 6 months
April 19, 2017 / 1:26 PM / 8 months ago

India sugar futures fall after cabinet extends cap on stocks by 6 months

NEW DELHI (Reuters) - Indian sugar futures fell on Wednesday after the cabinet extended by six months a limit on the quantity of sugar that mills can hold, in a move to contain high local prices.

A labourer carries a sack filled with sugar in a store at a wholesale market in Kolkata, India, February 15, 2016. REUTERS/Rupak De Chowdhuri/File Photo

May sugar was down 0.2 percent at 3,761 rupees ($58.26) per 100 kg on the National Commodity & Derivatives Exchange Ltd (NCDEX) as of 1240 GMT.

The price of the contract had breached the 4000-rupee level to reach a record high in February.

India, the world’s biggest sugar consumer, earlier this month allowed imports of 500,000 tonnes of duty-free raw sugar, as a drought has cut output below consumption levels for the first time in seven years.

May soyoil futures were down 0.4 percent at 617 rupees, tracking weakness in Malaysian palm oil and other overseas soyoil contracts.

May rapeseed contract was marginally up at 3,821 rupees per 100 kg, while Indian soybean closed largely flat at 3009 rupees.

($1 = 64.5550 Indian rupees)

Reporting by Sudarshan Varadhan; Editing by Vyas Mohan

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