Sugar prices drifted lower by 1.07 per cent to Rs 3,413 per quintal in futures trading today as speculators reduced their exposure, triggered by adequate stocks position at spot market against lower demand.
At the National Commodity and Derivatives Exchange, sugar for delivery in December moved down by Rs 37, or 1.07 per cent to Rs 3,413 per quintal with an open interest of 6,390 lots.
Likewise, the sweetener for delivery in March declined by Rs 31, or 0.86 per cent to Rs 3,562 per quintal in 3,610 lots.
Analysts said offloading of positions by traders, triggered by sufficient stocks on higher supplies from mills in the physical market against lower demand from bulk consumers, mainly led to the decline in sugar prices at futures trade.
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