Sugar prices drifted lower by 1.18 per cent to Rs 3,778 per quintal in futures trading today as speculators engaged in cutting down bets, driven by sufficient stocks at spot market against muted demand.
At the National Commodity and Derivatives Exchange, sugar for May dropped by Rs 45, or 1.18 per cent to Rs 3,778 per quintal with an open interest of 1,510 lots.
Likewise, the sweetener for delivery in March traded lower by Rs 10, or 0.27 per cent, to Rs 3,670 per quintal in 3,780 lots.
Marketmen said, offloading of positions by traders amid adequate stocks position on increased supplies from mills in the physical market against lower demand from bulk consumers, mainly kept sugar prices down at futures trade.
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