Sugar remains down on weak demand, higher supplies

NEW DELHI: Falling for yet another session, sugar futures prices today declined by Rs 7 to Rs 2,989 per quintal largely on higher supplies against weak demand from bulk consumers in the spot markets.

Though, expectations that demand for the sweetener might pick up in coming days limited the downside.

At the National Commodity and Derivatives Exchange, sugar for delivery in most-active June contracts traded Rs 7, or 0.23 per cent, lower at Rs 2,989 per quintal, with an open interest of 25,110 lots.

The sweetener for delivery in May also fell Rs 3, or 0.10 per cent, to Rs 2,933 per quintal, in an open interest of 42,780 lots.

Marketmen attributed persistent fall in sugar prices at futures trade to off-loading of positions by participants, triggered by higher supplies in the spot markets and weak demand from bulk consumers.