MUMBAI, Feb 9 (Reuters) - Indian sugar futures eased on Monday as resistance in the spot market, after prices jumped more than 11 percent since the start of January, triggered profit taking.
"Raw sugar imports were also weighing on sentiment," said Vandana Bharti, a senior analyst at SMC Comtrade.
Futures had rallied for more than a month after government and traders forecast India's sugar output to fall by nearly a third to around 18 million tonnes in 2008/09 from 26.3 million tonnes a year earlier.
India has eased sugar import rules, allowing mills to buy raws at zero duty for domestic sale with a condition that producers export a similar quantity of refined sugar within 24 months.
Spot prices in top producing state Maharashtra eased 0.52 percent to 2,112.75 rupees, after gaining 13 percent in 2009.
Firm overseas markets capped the downside, an analyst at a Delhi-based brokerage said.
At 5.28 p.m. the key New York March raw sugar contract SBH9 was up 0.11 cent or 0.84 percent at 13.23 cents per lb.
Following are the closing prices of sugar futures in rupees per 100 kg on the National Commodity and Derivatives Exchange <0#NSM:>
Source : REUTERS INDIA