Indian sugar futures were mixed on Tuesday, with the near-month contract rising on low stocks but the October contract dropped as a record crop is expected keep prices down later in the year.
At 2:59 pm (0929 GMT), September futures on the National Commodity and Derivatives Exchange was up 0.08 percent at 1,316 rupees ($32.2) per 100 kg. The October contracts fell 0.53 percent to 1,303 rupees.
"The market is seeing correction in the far-month contract after some gains on Monday," Rashmi Rangoon, analyst, Carve Comrade Ltd said. The government controls the sugar trade in India by setting the quantity that miller can sell freely in the market each month.
September, the available free sale quota is 1.5 million tonnes, including 200,000 tonnes that were unsold last month, compared with 1.7 million tonnes in August that included 400,000 tonnes carried forward from July.
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