Sugar futures remain weak on ample stocks, low demand

Sugar prices drifted further by 1.34 per cent to Rs 3,466 per quintal in futures trade today as participants engaged in reducing exposures, triggered by adequate stocks position at spot market against muted demand.
At the National Commodity and Derivatives Exchange, sugar for delivery in October fell by Rs 47, or 1.34 per cent to Rs 3,466 per quintal with an open interest of 10,730 lots.
Similarly, the sweetener for delivery in December traded lower by Rs 39, or 1.08 per cent to Rs 3,572 per quintal in 14,990 lots.
Analysts said offloading of positions by traders amid ample stocks position in the physical market against sluggish demand from bulk consumers kept sugar prices lower at futures trade.