Sugar down 0.3% on subdued demand, higher supply

Market analysts attributed the fall to subdued demand from bulk consumers in the spot market against higher supplies

Sugar prices weakened by Rs 10 to Rs 3,054 per quintal in futures trading today as speculators reduced their holdings on the back of subdued demand from bulk consumers against higher supplies.

At the National Commodity and Derivatives Exchange, sugar for delivery in August declined by Rs 10, or 0.33%, to Rs 3,054 per quintal, with an open interest of 39,180 lots.

Similarly, sugar for September contract shed Rs 19, or 0.32%, to Rs 3,097 per quintal in 14,090 lots.

Market analysts attributed the fall in sugar futures to subdued demand from bulk consumers in the spot market against higher supplies.