Sugar sheds 0.33% on subdued demand

Traders pare positions on lower offtake from bulk consumers and build-up of inventories

Sugar prices were down by 0.33 per cent to Rs 3,040 per quintal in futures trade today as speculators reduced positions on subdued demand from bulk consumers in the spot market amid ample stock positions.

At the National Commodity and Derivatives Exchange, sugar for delivery in October fell by Rs 10, or 0.33 per cent, to Rs 3,040 per quintal with an open interest of 2,030 lots.

The September contract shed Rs 2, or 0.07 per cent, to Rs 3,036 per quintal in 14,360 lots.

Analysts said offloading of positions by speculators on sluggish demand from bulk consumers in the spot market amid higher supplies from mills kept pressure on sugar prices at futures trade.