Sugar down 0.2% on ample supply

Sugar for delivery in November traded lower by 0.03%

Sugar prices slid 0.28% to Rs 2,870 per quintal in futures trade today as speculators reduced their positions, driven by sluggish demand in the spot market against ample supplies from producing regions.

At the National Commodity and Derivatives Exchange, sugar for delivery in October fell by Rs 8, or 0.28% to Rs 2870 per quintal, with an open interest of 7,330 lots.

Similarly, sugar for delivery in November traded lower by rupee 1, or 0.03% to Rs 2890 per quintal in 24,160 lots.

Market analysts said speculators reduced their positions on the back of sluggish demand in the spot market, against ample supplies from producing regions, mainly led to fall in sugar prices at futures trade.