 "Sugar down 0.7% on higher supply")
Sugar prices drifted by 0.72% to Rs 2,610 per quintal in futures trade today as speculators indulged in reducing positions amid adequate stocks on higher supplies from producing regions and low demand from bulk consumers.
At the National Commodity and Derivatives Exchange, sugar for delivery in March fell by Rs 19, or 0.72%, to Rs 2,610 per quintal with an open interest of 22,570 lots.
In a similar fashion, the sweetener for delivery in May declined by Rs 11, or 0.40%, to Rs 2,707 per quintal in 27,130 lots.
Market analysts said offloading of positions by speculators, triggered by higher supplies from millers in the physical markets, mainly put pressure on sugar prices at futures trade.
At the National Commodity and Derivatives Exchange, sugar for delivery in March fell by Rs 19, or 0.72%, to Rs 2,610 per quintal with an open interest of 22,570 lots.
In a similar fashion, the sweetener for delivery in May declined by Rs 11, or 0.40%, to Rs 2,707 per quintal in 27,130 lots.
Market analysts said offloading of positions by speculators, triggered by higher supplies from millers in the physical markets, mainly put pressure on sugar prices at futures trade.