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The sugar futures edged higher on Friday on bargain-buying, driven by hopes the government's decision to provide interest-free loans to sugar mills will limit distress sale in the market. Ample stocks and a pick-up in cane crushing capped the upside.
The cabinet has approved a scheme of interest free loans to sugar mills, Food Minister K V Thomas said on Thursday, as part of a bail-out package to beleaguered mills.
"Some mills are making distress sale in the market as they need money to make cane payments. The government assistance can reduce distress sale," said Ashok Jain, president of the Bombay Sugar Merchants Association.
At 0959 GMT, the key January contract on the National Commodity and Derivatives Exchange was up 0.33 per cent at 2,769 rupees ($44.56) per 100 kg. It hit a low of 2,746 rupees on Dec. 12, the lowest level in more than two years.
Mills have been swamped with massive stocks, as India is set to produce surplus sugar for the fourth year in a row.
In overseas markets, raw sugar futures were trading up 1.73 per cent after rising 1.6 per cent in the previous session as low prices drove buying.
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