Sugar futures down 1.06% on adequate stocks

Sugar prices moved down by 1.06 per cent to Rs 3,469 per quintal in futures trade today as speculators reduced their positions, triggered by ample stocks position at spot market against easing demand.
At the National Commodity and Derivatives Exchange, sugar for delivery in March 2017 drifted lower by Rs 37, or 1.06 per cent, to Rs 3,469 per quintal, with an open interest of 3,420 lots.
On similar lines, the sweetener for delivery in December declined by Rs 27, or 0.79 per cent, to Rs 3,401 per quintal in 7,590 lots.
Analysts said offloading of positions by participants, triggered by adequate stocks position in the physical market against lower demand from bulk consumers, mainly led to decline in sugar prices at futures trade.