Sugar prices drifted lower by 0.56 per cent to Rs 3,529 per quintal in futures trading today as traders trimmed their positions, driven by easing demand in the spot market against adequate stocks position.
In futures trading at the National Commodity and Derivatives Exchange, sugar for delivery in March 2017 fell by Rs 20, or 0.56 per cent to Rs 3,529 per quintal with an open interest of 3,450 lots.
Similarly, the sweetener for delivery in December shed Rs 10, or 0.29 per cent to Rs 3,430 per quintal in 8,070 lots.
Analysts said besides muted demand in the spot market due to cash crunch following the government banning Rs 500 and Rs 1,000 currency notes, adequate stocks position, mainly led to decline in sugar prices at futures trade.
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