Sugar down 0.4% on weak demand, ample supply

Sweetener for delivery in March shed 0.29%

Sugar prices declined 0.40% to Rs 2,747 per quintal in futures trade today as speculators reduced their positions, driven by a weak demand in the spot market against ample supplies.

At the National Commodity and Derivatives Exchange, sugar for delivery in February declined by Rs 11, or 0.40%, to Rs 2,747 per quintal with an open interest of 18,300 lots.

The sweetener for delivery in March also shed Rs 8, or 0.29%, to Rs 2,753 per quintal in 19,000 lots.

Analysts attributed the decline in sugar futures to a weak demand in the spot market against ample supplies.