| Date: |
21-04-2011 |
| Subject: |
Sugar Futures Down 2% On Removal of Import Duties By Government |
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Sugar futures shrugged of by almost 2% in today's trading as Indian government has allowed tax free imports of sugar.
As per latest release from Ministry of Agriculture, Indian mills can import sugar at zero import duti until June 30 , afer after scrapping a 60% tax of imported sugar. The new order scrapping the tax is effective from April 15. However , most of the traders mentioned that the sugar imports will remain at lower side as India is already having the strong production in the range of 24.5 to 25 million tonnes in the current year.
The NCDEX April contract declined by almost Rs. 42 per quintal to closed at Rs. 2572 per quntal today.
Source : indiainfoline.com
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