Sugar extends losses on subdued demand

December contract falls 0.27%

Amid higher supplies in the markets and fall in spot demand, sugar fell further by 0.27% to Rs 3,282 per quintal in futures trade today.

At the National Commodity and Derivatives Exchange, sugar for delivery in December declined by Rs 9, or 0.27%, to Rs 3,282 per quintal, with an open interest of 37,490 lots.

December sugar shed Rs 8, or 0.25%, to Rs 3,252 per quintal in 16,290 lots.

Marketmen said the fall in sugar prices at futures trade was due to continued reduction of positions by speculators following the government's pressure on mills to sell entire allocated quota for October and November in the open market.

 

Meanwhile, at Mumbai's Vashi wholesale market, small sugar (M-30) moved down by Rs 10/9 to Rs 3,492/3,552 per quintal in yesterday's trade.