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Indian sugar futures fell on Thursday afternoon as deliveries for the October contract jumped, raising the prospect of heavy supplies in the coming days. At 2:45 pm (0915 GMT), the October futures contract on the National Commodity and Derivatives Exchange was down 1.06 percent at 1,676 rupees ($34.4) per 100 kg, while the November contract fell 0.69 percent to 1,721 rupees.
Deliveries for the contract that expires on October 20 jumped to more than 9,000 tonnes, with another 1,600 tonnes undergoing delivery procedures. In comparison, deliveries for September contract were less than 3,100 tonnes. Traders said the higher deliveries reflected sales by millers trying to clear their monthly quota.
The government, which controls the sector, has set about 2.1 million tonnes of sugar for sale in October, higher than 1.6 million tonnes in the same period last year. Spot prices in Maharashtra, the country's top sugar producer, eased 0.13 percent to 1,720.75 rupees.

Copyright Reuters, 2008

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