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Sugar weakened by 0.23 per cent to Rs 3,000 per quintal in futures trading today as speculators trimmed positions, triggered by higher supplies against sluggish demand in the spot market.
At the National Commodity and Derivatives Exchange, sugar for delivery in July declined by Rs 7, or 0.23 per cent, to Rs 3,000 per quintal with an open interest of 24,930 lots.
Similarly, the sweetener for delivery in June shed Rs 3, or 0.10 per cent, to Rs 3,013 per quintal in 49,650 lots.
Analysts attributed the fall in sugar futures to higher supplies from millers against sluggish demand in the spot market but the drop in production restricted the fall.
Meanwhile, sugar production declined by 3.23 per cent to 23.9 million tonnes till May 15 during the marketing year 2013-14 (October-September) due to lower production in key states, ISMA said.
