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Sugar prices drifted by 0.49% to Rs 2,854 per quintal in futures trade today as speculators engaged in offloading positions amdist sluggish demand from bulk consumers in the spot market.
Adequate stocks in the spot markets following higher supplies from millers also put pressure on the sweetner prices.
At the National Commodity and Derivatives Exchange, sugar for delivery in October declined by Rs 14, or 0.49% to Rs 2,854 per quintal with an open interest of 5,630 lots.
Similarly, the sweetener for delivery in far-month December traded lower by Rs 5, or 0.18% to Rs 2,832 per quintal in 6,090 lots.
Analysts said offloading of positions by speculators, triggered by higher supplies from millers against low demand form bulk consumers in the spot market, mainly led to the fall in sugar prices at futures trade.
