Indian sugar and wheat futures gained marginally on Thursday on buying by speculators who took advantage of low prices after falls in the past two days. Soyoil futures also rose slightly. The July sugar contract at the National Commodity and Derivatives Exchange (NCDEX) was up by 1 rupee to 1,892 per 100 kg.
The same month contract on the Multi Commodity Exchange (MCX) was two rupees higher at 1,878. "Some traders bought to take advantage of lower prices. But the market sentiment is likely to remain weak because of the monsoon rains," said an Indore-based trader. He said the government's decision to extend a ban on exports of white refined sugar also weighed on market sentiment.
Officials said on Wednesday ruled out exports of refined white sugar until the end of the financial year in March to keep a check on prices. Some mills are exempt from the restrictions. Wheat futures rose slightly amid thin trade.
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