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Indian sugar edges up on export hopes

Source : REUTERS
Last Updated: Fri, Sep 20, 2013 09:00 hrs

NEW DELHI, Sept 20 (Reuters) - India's sugar futures edged up on Friday, extending gains from the previous session on estimates that mills will export up to 3 million tonnes of the sweetener from the new season starting on Oct. 1.

* AT 0835 GMT, the key October contract was 0.07 percent higher at 2,932 rupees per 100 kg on the National Commodity and Derivatives Exchange.

* India's sugar output is expected to be 25 million tonnes in the season starting October, up from a previous forecast of 23.7 million tonnes, as heavy monsoon rains have helped boost yields of the unharvested cane crop, a leading industry body said on Monday.

* India could export as much as 3 million tonnes of sugar in the season beginning October to get rid of excess supply, capitalising on rising demand from Southeast Asia, the Middle East and Africa.

* India's carry-over stocks of sugar on Oct. 1 may jump to 8 million tonnes from 6.2 million a year earlier.

* "After a long time, there are forecasts of exports of a substantial quantity and that has lent some support to sugar," said a New Delhi-based trader with the Indian unit of a global trading company.

* In 2012/13, mills could export only a small amount of sugar due to lower global prices.

* Spot sugar was 1.65 rupees lower at 3,208.35 rupees per 100 kg at the Kolhapur market in Maharashtra state. (Reporting by Mayank Bhardwaj; Editing by Subhranshu Sahu)




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