Mumbai: Indian sugar futures fell after climbing to contract highs on Tuesday that took gains to about 10 per cent in a week and triggered profit taking.
At 2.51 pm, the January contract on the National Commodity and Derivatives Exchange was down 2.59 per cent at Rs 1,429 ($36.9) per 100 kg after touching a contract high of Rs 1,480.
The February contract fell2.01 per cent to Rs 1,459. Both contracts had risen more than 4 per cent on Monday.
Veeresh Hiremath, an analyst with Karvy Comtrade Ltd, said prices could rebound in the afternoon, tracking spot prices in Kolhapur, a hub for sugar trade in the western state of Maharashtra, where sugar rose 2.53 per cent to Rs1,432.
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India, which is facing a glut, is likely to produce less in the current crop year than was earlier estimated due to late crushing in key cane producing regions.
India is expected to produce28-29 million tonnes of sugar in the crop year to September, lower than earlier forecasts of 32-33 million tonnes but little changed from the previous year's record 28.4 million tonnes, industry officials said.
At 2.51 pm, the January contract on the National Commodity and Derivatives Exchange was down 2.59 per cent at Rs 1,429 ($36.9) per 100 kg after touching a contract high of Rs 1,480.
The February contract fell2.01 per cent to Rs 1,459. Both contracts had risen more than 4 per cent on Monday.
Veeresh Hiremath, an analyst with Karvy Comtrade Ltd, said prices could rebound in the afternoon, tracking spot prices in Kolhapur, a hub for sugar trade in the western state of Maharashtra, where sugar rose 2.53 per cent to Rs1,432.
• Check out our Yearender Special
India, which is facing a glut, is likely to produce less in the current crop year than was earlier estimated due to late crushing in key cane producing regions.
India is expected to produce28-29 million tonnes of sugar in the crop year to September, lower than earlier forecasts of 32-33 million tonnes but little changed from the previous year's record 28.4 million tonnes, industry officials said.
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