Sugar slide 0.3% on ample supply

Speculators reduced their positions due to weak demand in the spot market

Sugar prices eased 0.30% to Rs 3,004 per quintal in futures trading today as speculators reduced positions due to weak demand in the spot market against ample supplies from producing regions.

 

At the National Commodity and Derivatives Exchange, sugar for delivery in September declined by Rs 9, or 0.30% to Rs 3,004 per quintal with an open interest of 13,030 lots.

     

Similarly, the sweetner for delivery in October traded lower by Rs 7, or 0.23% to Rs 3,025 per quintal in 5,050 lots.

 

Market analysts attributed the decline in sugar futures to speculators reducing their positions due to weak demand in the spot market against ample supplies from producing regions.