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India sugar hits new contract high

Indian sugar futures rose for the third straight session to hit a new contract high on Monday on poor monsoon rains in key growing areas and an improvement in consumer demand during the ongoing festive season.

All key sugar producing regions in the country have received less rainfall than normal since the beginning of the monsoon in June, and the federal government plans to implement contingency measures.

* Earlier this month, the Indian Sugar Mills Association forecast production of 25 million tonnes for the next season starting in October, but dealers say achieving that mark is nearly impossible due to poor rainfall

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