NEW DELHI, Feb 27 (Reuters) - Indian sugar futures fell on
Wednesday due to mounting supplies from local mills and cheaper
imports after demand failed to pick up amid cold weather across
* The key March sugar contract on the National
Commodity and Derivatives Exchange fell 0.42 percent to 3,055
rupees ($56.85) per 100 kg, as of 0915 GMT.
* "Other than higher supplies from mills and imports, lower
global prices have also been putting downward pressure on
sugar," said Mukesh Kuvadia, secretary of the Bombay Sugar
* On Tuesday, New York raw sugar futures settled at 17.79
cents per lb after hitting 17.76 cents a lb, the lowest level
for the front month contract since August 2010.
* Indian sugar mills have contracted more than 1 million
tonnes of raw sugar imports for the current season, dealers
* Spot sugar fell 8 rupees to 3,178 rupees per 100 kg in the
Kolhapur market in top-producing Maharashtra state.
* India's sugar output rose 3 percent to 13.8 million tonnes
on year in the first four months of the season beginning October
* "I see some upside only when demand from soft drink and
ice cream makers picks up in the summer," Kuvadia said.
* India, the world's second-biggest producer of sugar after
Brazil, has been exploring options to free the sector from
various controls to avoid cycles of oversupply and shortage.
* The south Asian country is likely to produce 24.3 million
tonnes of sugar in the current year ending on Sept. 30, against
local demand of about 23 million tonnes.
($1 = 53.7 Indian rupees)
(Reporting by Mayank Bhardwaj; Editing by Gopakumar Warrier)