Indian sugar edges up, eye April quota
MUMBAI: Indian spot sugar prices edged up in low volume trade on Wednesday as millers, cautiously waiting for April non-levy quota, held supplies and low demand from consumers limited the gains, analysts and traders said.
"Millers are supplying less, waiting for the April quota and demand is yet to pick up because of delayed summer in north India," said a dealer from the Vashi spot market near Mumbai.
Traders are expecting prices to rise in near future as India is likely to export 500,000 tonnes of sugar in April and rising temperature will create a demand for sweetener.
In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety edged up by 6 rupees to 2,680 Indian rupees ($59.969) per 100 kg.
Sugar contract for April delivery on India's National Commodity and Derivatives Exchange (NCDEX) closed down 0.73 per cent at 2,698 rupees per 100 kg. -Reuters