Sugar futures slide on increased supplies

NEW DELHI: Sugar prices fell by Rs 21 to Rs 2,648 per quintal in futures trade today, as speculators lowered their positions on subdued demand in the spot market against increased stocks.

At the National Commodity and Derivatives Exchange (NCDEX), the sugar for delivery in January fell by Rs 21, or 0.79 per cent, to Rs 2,648 per quintal, with an open interest of 6,330 lots.

The sugar for delivery in February contract also declined by Rs 16, or 0.57 per cent, to Rs 2,787 per quintal, with a business volume of 30,840 lots.

Analysts said less demand at spot market against high supplies mainly influenced the sugar futures prices.