 "Sugar down 0.5% on higher output hopes")
Sugar prices fell by Rs 16 to Rs 2,965 per quintal in futures trading today as speculators trimmed their positions amid hopes of a higher output.
At the National Commodity and Derivatives Exchange, sugar for delivery in November fell by Rs 16, or 0.54% to Rs 2,965 per quintal with an open interest of 9,480 lots.
Similarly, the sweetener for delivery in October declined by Rs 12, or 0.40%, to Rs 2,957 per quintal in 11,220 lots.
Meanwhile, the country's sugar production for the 2013-14 marketing year has been revised upwards by 5.5% to 25 million tonnes than previous estimate, on higher cane acreage and good monsoon, industry body ISMA said.
At the National Commodity and Derivatives Exchange, sugar for delivery in November fell by Rs 16, or 0.54% to Rs 2,965 per quintal with an open interest of 9,480 lots.
Similarly, the sweetener for delivery in October declined by Rs 12, or 0.40%, to Rs 2,957 per quintal in 11,220 lots.
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Market analysts said speculators trimmed their positions on expectations of higher output, mainly pulled down sugar prices at futures trade.
Meanwhile, the country's sugar production for the 2013-14 marketing year has been revised upwards by 5.5% to 25 million tonnes than previous estimate, on higher cane acreage and good monsoon, industry body ISMA said.