Sugar futures down 0.52% on low demand, adequate stocks

Sugar prices declined by 0.52 per cent to Rs 3,620 per quintal in futures trade today as speculators trimmed their positions amid sluggish demand in the spot market against ample stocks position.
At the National Commodity and Derivatives Exchange, sugar for delivery in July fell by Rs 19 or 0.52 per cent to Rs 3,620 per quintal with an open interest of 36,480 lots.
Analysts attributed fall in sweetener prices at futures trade to a subdued demand from bulk consumers in the spot market against sufficient stocks position.
Meanwhile, the government had imposed 20 per cent customs duty on sugar exports last week to boost domestic supply and check prices which are ruling high at Rs 40 per kg.