In­dian sugar edges up, eye April quota

The Financial Daily - - MARKET SUMMARY -

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

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