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Indian sugar futures trade flat
March 7, 2013 / 10:49 AM / 5 years ago

Indian sugar futures trade flat

MUMBAI, March 7 (Reuters) - Indian sugar futures were steady
as support from demand improvement was offset by high stocks. 
    * Demand for sugar from ice-cream and beverage makers
typically rises during the summer season.
    * As of 1026 GMT, the key April sugar contract on
the National Commodity and Derivatives Exchange was up 0.07
percent at 3,052 rupees ($55.71) per 100 kg, after hitting a
contract low of 3,034 rupees on Monday.
    * "Sugar is not very bullish due to carry-forward stocks and
high production," said Chowda Reddy, a senior analyst with JRG
Wealth Management, adding sugar may trade in a range of 3,035
rupees to 3,080 rupees.
    * Between Oct. 1 and Feb. 28, Indian sugar mills produced
18.8 million tonnes of the sweetener, 60,000 tonnes less than a
year earlier. 
    * The south Asian country is likely to produce 24.3 million
tonnes of sugar in the current crop year ending on Sept. 30,
against the local demand of about 23 million tonnes.
    * India is set to consider relaxing controls on the
industry, a minister said on Monday, as the prospect of high
output this year creates the conditions for liberalisation
without a sharp rise in prices. 
    * Spot sugar fell by 8.15 rupees to 3,148.10 rupees per 100
kg in the Kolhapur market in top-producing Maharashtra state.
($1 = 54.7800 Indian rupees)

 (Reporting by Siddesh Mayenkar; Editing by Subhranshu Sahu)

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