 "A vendor arranges price tag over sack filled with sugar at wholesale vegetable market in Ahmedabad")
Sugar prices drifted by Rs 21% to Rs 3,727 per quintal in futures market today as participants engaged in trimming positions, triggered by the government's decision to impose customs duty on exports.
At the National Commodity and Derivatives Exchange, sugar for delivery in October fell Rs 21 or 0.56% to Rs 3,727 per quintal with an open interest of 11,930 lots.
The sweetener for delivery in July traded lower by Rs 9 or 0.25% to Rs 3,617 per quintal in 36,570 lots.
Analysts said offloading of positions by participants after government yesterday imposed 20% customs duty on sugar exports to boost domestic supply and check prices, mainly weighed on sentiments in futures trade here.
