Indian sugar futures fall on weak exports

Tag: Brazilian White Sugar
Indian sugar futures fell on Monday as export prospects faded with higher supplies from a bumper Brazilian crop pushing world prices lower.At 4:00 p.m. (1030 GMT), the May contract NSMK8 was down 0.72 percent at 1,382 rupees ($32.8) per 100 kg on the National Commodity and Derivatives Exchange, while the June contract NSMM8 fell 1.03 percent to 1,440 rupees.Spot prices in the western state of Maharashtra, a leading producer, dropped 0.3 percent to 1,406.45 rupees.Ramesh Mistry, vice president at sugar exporter Sakuma Exports Ltd (SAKE.BO: Quote, Profile, Research), said a drop in world prices to 11.5 cents per pound from 13.6 cents about a month ago has hit exports."Indian exporters are not finding this lucrative since prices in the local markets are better," he said.About 42 ships were waiting at Brazil's main ports to load 187,350 tonnes of white sugar and 530,598 tonnes of raw sugar last week.Brazil's cane output in 2008/09 would rise to a record 550 million tonnes from 431.2 million tonnes in 2007/08, London-based International Sugar Organisation, said last week. ($1=42.1 rupees) (Reporting by Abhishek Shanker)