Sugar futures weaken on delay in lifting of curbs

NEW DELHI: Sugar prices fell Rs 11 per quintal to Rs 2,993 per quintal in futures trade today as speculators off-loaded their positions following delay in lifting of curbs by the government on the sweetener.

At the National Commodity and Derivatives Exchange, sugar for delivery in May declined by Rs 11, or 0.37 per cent, to Rs 2,993 per quintal, with an open interest of 31,200 lots.

The sweetener for delivery in April also shed Rs 10, or 0.34 per cent to Rs 2,945 per quintal, in an open interest of 23,480 lots.

Marketmen said fall in sugar futures prices was mostly due to reducing of positions by the participants following delay in lifting curbs on the sugar sector amid ample supply in the spot markets.