Indian sugar futures snapped a six-day falling streak on Friday due to a rise in the import duty on the sweetener to 25 percent from 15 percent. India, the world's biggest sugar consumer, raised the import duty on the sweetener to 25 percent from 15 percent as part of efforts to help regional mills struggling with lower prices and higher stocks.
"The rise in import duty has supported sugar prices but large supplies in the local markets are expected to restrict any sharp upside in prices," said Chowda Reddy, a senior analyst with Inditrade Derivatives and Commodities. At 1252 GMT, the key September contract was up 0.56 percent at 3,055 rupees per 100 kg.
The key September soyoil contract was down 1.74 percent at 614.50 rupees per 10 kg. The key October soybean contract closed 0.29 percent higher at 3,420 rupees per 100 kg on the NCDEX, while the September rapeseed contract rose 1.33 percent to 3,494 rupees per 100 kg.