Sugar futures down 0.65 pc on sluggish demand

NEW DELHI: Sugar prices fell by 0.65 per cent to Rs 3,055 per quintal in futures trade today as speculators reduced positions, driven by sluggish demand from bulk consumers against adequate supplies from mills.

At the National Commodity and Derivatives Exchange, sugar for delivery in July fell by Rs 20, or 0.65 per cent to Rs 3,055 per quintal with an open interest of 20,270 lots.

Similarly, the sweetener for delivery in June shed Rs 8, or 0.26 per cent to Rs 3012 per quintal in 22,680 lots.

Meanwhile, at Mumbai's Vashi wholesale market, Medium sugar (M-30) traded Rs 10 lower at Rs 3,152-3,371 per quintal.

Market analysts said weak trend in spot markets due to sluggish demand from bulk consumers in the spot market against adequate supplies mainly kept pressure on sugar prices at futures trade.