Sugar down 1% on sluggish demand; ample supply

Sugar prices moved down by 1.07% to Rs 3,050 per quintal in futures trade today as speculators trimmed their positions, driven by sluggish demand in the spot market against adequate stocks position.

At the National Commodity and Derivatives Exchange, sugar for delivery in June fell by Rs 33, or 1.07%, to Rs 3,050 per quintal with an open interest of 4,850 lots.

Similarly, sugar for delivery in the July contract traded lower by Rs 31, or 1.00%, to Rs 3,074 per quintal in 28,620 lots.

Market analysts attributed the fall in sugar futures to sluggish demand from bulk consumers against adequate stocks position following ample supplies.