Sugar futures fall sluggish spot demand

Amid sluggish demand from bulk consumers and ample supplies in the spot market, sugar continued its slide for yet another day in futures trading today with prices falling by 1.20 per cent to Rs 3,002 per quintal.

Market analysts said apart from fall in demand from bulk consumers, reports of pick-up in cane crushing in key producing regions and ample supplies in the spot market continued to put pressure on the sugar futures prices here.

At the Multi Commodity Exchange counter, sugar for delivery in January fell by Rs 38, or 1.20 per cent, to Rs 3,002 per quintal, with an open interest of 33 lots.

Similarly, the delivery for February also traded Rs 34, or 1.11 per cent lower at Rs 3,041 per quintal, with a business turnover of 15 lots.

While delivery in March fell by Rs 34, or 1.09 per cent, to Rs 3,086 per quintal, with a turnover of three lots.