Indian sugar futures may open lower on Friday on an expected rise in supplies after government allowed duty-free imports of raw sugar for domestic consumption, analysts said.
India on Tuesday allowed duty-free imports of raw sugar for local sale on the condition that a similar quantity of refined sugar is exported within two years.
It replaces an earlier policy under which the importer was obliged to refine the imported consignment and export it.
Two Indian refineries had contracted to import a total of about 800,000 tonnnes of raw sugar in recent months, and that sizeable quantities had already been received, S.L. Jain, director-general of the Indian Sugar Mills Association said on Wednesday. See [ID:nL420236]
The benchmark March sugar NSMH9 on the National Commodity and Derivatives Exchange ended at 2,103 rupees per 100 kg, up 0.48 percent in the previous session.
Source : REUTERS INDIA