Indian sugar futures set to snap eight-day losing streak

Source : REUTERS
Last Updated: Wed, Nov 30, 2016 19:00 hrs

Nov 30 (Reuters) - Indian sugar futures looked set to snap an eight-day losing streak on Wednesday as prices saw a technical rebound from oversold levels.

The December sugar contract was up 2.2 percent, its biggest gain in nearly three months, at 3,473 Indian rupees ($50.70) per 100 kg. But it was still at a discount of over 90 rupees to the spot market price of 3567.2 rupees at 1240 GMT.

A weak rupee which has made imports more expensive and higher global prices have boosted prices of soft commodities on the National Commodity & Derivatives Exchange (NCDEX).

SOYBEAN, SOYOIL

* The December soybean contract fell 0.2 percent to 3,116 rupees per 100 kg, as it inched closer to the spot market price of 3,112 rupees.

* December soyoil futures rose up to 724.50 rupees per 10 kg on Wednesday, the Indian soyoil futures contract's highest level in about 2-1/2 years. It was trading at 723.65 rupees at 1240 GMT, a premium of 6 rupees to the spot price.

RAPESEED

* The December rapeseed contract settled 1 percent higher at 4,834 rupees per 100 kg.

CORN, WHEAT

* December corn futures gained about 0.8 percent to close at 1,441 rupees per 100 kg, while the December wheat contract fell 0.9 percent to 2,025 rupees per 100 kg. ($1 = 68.4949 Indian rupees) (Reporting by Sudarshan Varadhan in New Delhi; Editing by Vyas Mohan)



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