Indian sugar and soyaoil futures rose on Tuesday on short covering by traders, while wheat futures gained slightly. The July sugar contract at the National Commodity and Derivatives Exchange (NCDEX) was up 9 rupees at 1,894 per 100 kg.
The same month contract on the Multi Commodity Exchange (MCX) was 21 rupees higher at 1,895. "Sugar prices are rising mainly on short-covering by traders," said an Ahmedabad-based trader.
"But the outlook over the next few days remains bearish." Last week, India extended a general ban on the export of white refined sugar until the end of the financial year in March 2007, a move which has dampened market sentiment.
Soyaoil firmed up slightly. The July soya oil contract at the NCDEX rose 3.10 rupees to 408.50 per 10 kg, while the same month contract at the MCX was up 2.50 rupees at 405.20.
Wheat inched up. The July wheat contract at the NCDEX rose 3.80 rupees to 832 per 100 kg. The same month contract on the MCX was 2.40 rupees higher at 851.
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