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Indian sugar futures rose for a third day on Wednesday as bulk buyers stepped up purchases in the spot market ahead of festivals next month. The market was also underpinned by trade forecasts the output would drop 24 percent to 20 million tonnes in the crop year that begins in October, because farmers had shifted to other crops including oilseeds that gave better returns.
At 3:02 pm (0932 GMT), the October futures on the National Commodity and Derivatives Exchange were up 0.75 percent at 1,745 rupees ($38) per 100 kg. The November futures rose 1.07 percent to 1,793 rupees. Spot prices in Maharashtra, the country's largest sugar producer, rose 0.59 percent to 1,705 rupees.
Traders said they expected the government to extend the deadline for clearing buffer stocks to October 15 from the end of September. The government, which controls the sugar trade in India, had told millers to unwind buffer stocks of 950,000 tonnes taking the supply in September to 2.1 million tonnes from 1.3 million tonnes in the same month last year.

Copyright Reuters, 2008

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