The Hindu Business Line : NCDEX raises sugar open interest limit

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Mumbai Feb. 2 Commodity futures exchange NCDEX has raised open interest limit of sugar from 3,000 tonnes to 7,500 tonnes for members and from 1,000 tonnes to 2,500 tonnes for clients.

The change in open interest will be effective from February 2, 2007.

Sugar futures have turned bearish on back of bumper production in the sugar season that began October 2006. On NCDEX, the February contract fell by Rs 62 in four weeks — from Rs 1,643 per quintal on January 1 to Rs 1,581 on January 31.

Delay in lifting of export ban and unfriendly export market conditions are seen impacting domestic market.

Inventory pressure following production during the current peak crushing season is adding to inventory. Acreage under cane crop to be harvested by October 2007 is believed to be somewhat higher. Improved crop prospects are seen in Bihar, Maharashtra, Tamil Nadu and Andhra Pradesh. Acreage in Uttar Pradesh is believed to have gone up.

MCX, too, has revised the open interest limit for sugar.

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