Indian sugar futures steady

Indian sugar futures were steady as support from demand improvement was offset by high stocks. Demand for sugar from ice-cream and beverage makers typically rises during the summer season. As of 1026 GMT, the key April sugar contract on the National Commodity and Derivatives Exchange was up 0.07 percent at 3,052 rupees ($55.71) per 100 kg, after hitting a contract low of 3,034 rupees on Monday.
Between October 1 and February 28, Indian sugar mills produced 18.8 million tonnes of the sweetener, 60,000 tonnes less than a year earlier. The south Asian country is likely to produce 24.3 million tonnes of sugar in the current crop year ending on September 30, against the local demand of about 23 million tonnes. India is set to consider relaxing controls on the industry, a minister said on Monday, as the prospect of high output this year creates the conditions for liberalisation without a sharp rise in prices. Spot sugar fell by 8.15 rupees to 3,148.10 rupees per 100 kg in the Kolhapur market in top-producing Maharashtra state.