MUMBAI, Feb 13 (Reuters) - Indian sugar futures may extend losses on Friday on depressed sentiment after a state-run agency floated a tender to import raws and on expectations stock limits may be imposed on traders to calm prices, analysts said.
MMTC Ltd (MMTC.BO: Quote, Profile, Research) said it plans to import 35,000 of raw sugar, its second such move in the crop year that started in October and one that could depress local prices. [ID:nBOM387175]
The benchmark March contract NSMH9 on the National Commodity and Derivatives Exchange ended down 0.66 percent at 2,107 rupees per 100 kg in the previous session.
Losses may be capped by lower production, which the government and trade estimates suggest will fall by nearly a third to around 18 million tonnes in 2008/09 from 26.3 million tonnes a year ago.
Source : REUTERS INDIA