Sugar futures remain weak on high supply, low demand
New Delhi: Sugar prices fell by 0.62 per cent to Rs 2,414 per quintal in futures trading today as speculators indulged in reducing their positions amid higher supplies in spot markets.
Besides, reports of higher output in this marketing year kept pressure on prices.
At the National Commodity and Derivatives Exchange, sugar for delivery in July drifted by Rs 15, or 0.62 per cent, to Rs 2,414 per quintal with an open interest of 8,750 lots.
In a similar fashion, the sweetener for delivery in May shed Rs 2, or 0.08 per cent, to Rs 2,358 per quintal in 4,890 lots.
Analysts said offloading of positions by speculators, triggered by higher supplies from mills at spot market amid subdued bulk consumers demand, mainly weighed on sugar prices at futures trade.