Sugar prices drifted lower by 1.55 per cent to Rs 3,231 per quintal in futures trade today as speculators reduced exposure, driven by sufficient stocks position at spot market against low demand.
At the National Commodity and Derivatives Exchange, sugar for delivery in December fell by Rs 51, or 1.55 per cent to Rs 3,231 per quintal with an open interest of 210 lots.
Analysts said offloading of positions by participants, triggered by ample stocks position in the physical market against subdued demand from bulk consumers, mainly led to decline in sugar prices at futures trade.
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