MUMBAI, Dec 31 (Reuters) - India sugar futures may fall after on Wednesday the government raised open market supplies in the March quarter and reintroduced the need for millers to seek its permission for exports, analysts and a trader said.
India abolished the need for obtaining so called release orders before mills can export in July 2007, in a bid to promote overseas sales as output touched record levels. See [ID:nBOM333054]
It partially reversed that decision on Monday to cover exports under open general licence, effective from Jan. 1.
Total sugar availability in the Jan-March quarter is likely to be about 5 million tonnes against a total of 4.4 million tonnes in the same period last year, the government said.
The February contract NSMG9 on the National Commodity and Derivatives Exchange ended down 0.78 percent at 1,900 rupees per 100 kg in the previous session. (Reporting by Abhishek Shanker; Editing by Prem Udayabhanu)
Source : Reuters India