Indian sugar futures rose to a new contract high on Monday and may extend gains in the next trading session due to a pick-up in domestic demand. Demand for sugar from ice-cream and beverage makers typically rises during the summer which starts in May in India, the world's largest sugar consumer.
The key April contract ended 1.09 percent higher at 3,145 rupees per 100 kg on the National Commodity and Derivatives Exchange, after hitting a high of 3,151 rupees earlier in the day, the highest level since February 22, 2013.
OILSEEDS AND SOYAOIL Indian rapeseed and soyabean futures fell on weak demand though thin supplies of soyabeans in the local market restricted the downside.
US soyabeans were little changed, holding near recent highs amid analyst forecasts that US stocks of the oilseed would be the smallest in a decade when the US Department of Agriculture releases its quarterly grain inventory and spring plantings reports at 1600 GMT. The April soyabean contract edged down 0.07 percent at 4,311.5 rupees per 100 kg on the NCDEX. The April soyaoil contract closed up 0.30 percent at 705.45 rupees per 10 kg on the NCDEX, while the key April rapeseed contract ended down 0.35 percent at 3,459 rupees per 100 kg.
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