MUMBAI, April 8 (Reuters) - Indian sugar futures may extend gains on Wednesday, bolstered by a downward revision in output estimate and firm spot demand from bulk buyers like cold drinks and ice-cream makers, analysts said.
India's sugar output will fall to 14.2 million tonnes in 2008/09, 8.4 percent lower than previously estimated, as lower cane availability has forced mills to end crushing earlier than expected, a top trade official said. See [ID:nDEL246066]
The April contract NSMJ9 on the National Commodity and Derivatives Exchange ended up 1.26 percent at 2,168 rupees per 100 kg in the previous trading session.
Talk of duty-free imports has faded and that may also support the market.
The country is unlikely to allow duty-free imports of white sugar before general elections are completed in May, Trade Secretary G.K. Pillai said on Saturday.
Source : REUTERS INDIA