Sugar futures down on weak spot demand,higher supply

Sugar prices declined by 0.95 per cent to Rs 2,802 per quintal in futures trade today as demand remained weak against adequate stocks.

Written by Agencies | New Delhi | Published: January 6, 2012 11:37 am

Sugar prices declined by 0.95 per cent to Rs 2,802 per quintal in futures trade today as demand remained weak against adequate stocks.

At the National Commodity and Derivatives Exchange,sugar for delivery in January fell by Rs 27,or 0.95 per cent,to Rs 2,802 per quintal,with an open interest of 36,020 lots.

Sugar for delivery in February fell by Rs 22,or 0.77 per cent,to Rs 2,850 per quintal,with an open interest for 19,640 lots.

Analysts attributed the fall in sugar futures prices to a weakening trend at spot markets as demand remained subdued from bulk consumers against comfortable stocks in the market on higher supplies.

Also,reports of higher output in Maharashtra in the first three months of the 2011-12 season,also had a negative impact on the sugar prices at futures trade here,they said.

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