Sugar futures down 2.64% on low demand

Sugar prices plunged by 2.64 per cent to Rs 3,433 per quintal in futures trading today as participants trimmed their bets amid sluggish demand in the spot market.

At the National Commodity and Derivatives Exchange, sugar for delivery in May dropped by Rs 93, or 2.64 per cent, to Rs 3,433 per quintal, with an open interest of 1,03,020 lots.

Likewise, the sweetener for delivery in far-month July traded lower by Rs 89, or 2.43 per cent, to Rs 3,578 per quintal in 37,910 lots.

Analysts said trimming of positions by traders due to lower demand in the spot market mainly kept pressure on sugar prices at futures trade.