Sugar futures down on low demand, higher supply

Sugar futures prices dipped by Rs 21 to Rs 2,812 per quintal on weak trend at spot markets and sluggish demand against higher supplies.

At the National Commodity and Derivatives Exchange (NCDEX), the sugar for delivery in February contract fell by Rs 21, or 0.74 per cent to Rs 2,812 per quintal, with an open interest of 27,920 lots.

The sugar for delivery in January contract also shed Rs 6, or 0.22 per cent, to Rs 2,672 per quintal, with a business turnover of 9,740 lots.

Analysts said weak trend in the physical market due to sluggish demand from bulk consumers and higher supplies continued to put pressure on the sugar futures prices here.