Sugar futures edged lower on Tuesday on surplus supplies, though an improvement in demand due to festivals and prospects of exports due a weak rupee limited the downside. At 0900 GMT, the key September contract on the National Commodity and Derivatives Exchange was down 0.26 per cent at Rs 3,011 ($48.88) per 100 kg. "In the coming weeks we may see few exports deals happening. The depreciation in the rupee is bringing parity."
The rupee lost as much as 1.5 per cent to 61.80 per dollar on Tuesday, breaking a previous record low of 61.21 on July 8, on sustained worries about the country's record high current account deficit. Spot sugar rose Rs 11 to Rs 3,062 per 100 kg at the Kolhapur market in Maharashtra state. India is likely to produce 23.7 million tonnes of sugar in the 2013/14 marketing year beginning October, down 5.2 per cent from a year earlier, but higher than the local demand of around 23 million tonnes.
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