Sugar down 0.5% on sluggish demand

Commodity for July contracts down by 0.37%

Sugar prices declined by 0.53% to Rs 2,981 per quintal in futures trading today as speculators reduced positions, tracking a weak trend at spot markets on sluggish demand against ample supplies.

At the National Commodity and Derivatives Exchange, sugar for delivery in June declined by Rs 16, or 0.53% to Rs 2,981 per quintal with an open interest of 44,060 lots.

Similarly, the sweetner for July contracts sheded Rs 11, or 0.37% to Rs 2,971 per quintal in 25,980 lots.

Analysts said besides weak demand in the spot market, ample supplies from millers, mainly led to decline in sugar prices at futures trade.