India sugar futures up on spot prices, low acreage

Indian sugar futures rose on Monday afternoon on gains in the physical market, a drop in cane acreage and lower supplies for the September quarter.

At 3:03 p.m. (0933 GMT), the July contract NSMN8 on the National Commodity and Derivatives Exchange was up 0.82 percent at 1,480 rupees ($34.2) per 100 kg, and the August contract NSMQ8 was at 1,550, up 0.85 percent.

Acreage under cane in India dropped by 17.2 percent to 4.28 million hectares on July 3 from 5.17 million hectares a year earlier, farm ministry data showed on Friday.