Reuters logo
India sugar snaps four-day fall on short-covering
January 29, 2013 / 8:43 AM / 5 years ago

India sugar snaps four-day fall on short-covering

MUMBAI, Jan 29 (Reuters) - Indian sugar futures rose on Tuesday due to short-covering after falling in the previous four sessions on weak demand, mounting supplies from mills and poor export prospects due to lower world prices.

* As of 0834 GMT, the key February sugar contract on India’s National Commodity and Derivatives Exchange was up 0.44 percent at 3,205 rupees ($59.46) per 100 kg. Sugar fell more than 2 percent in the previous four sessions, hitting a new contract low at 3,187 rupees on Monday.

* Sugar prices were unchanged from Monday’s close at 3,250 rupees per 100 kg in the Kolhapur spot market in top-producing Maharashtra state.

* “There is nothing to support prices, demand is weak, exports are not happening and the country has surplus sugar,” said Pradeep Agrawal, a trader based in Delhi.

* Demand for the sweetener from bulk consumers like cool drink and ice cream makers usually drops in India during winter.

* An output of more than 24 million tonnes will be lower than the 26 million tonnes produced in the previous year, but higher than the expected local consumption of about 22 million tonnes.

* India’s sugar output rose 3 percent to 10.8 million tonnes in the first three-and-a-half months of the season beginning October. ($1 = 53.9050 Indian rupees) (Reporting by Deepak Sharma; Editing by Sunil Nair)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below