Sugar futures weaken on subdued demand

Nov 23 2012, 13:06 IST
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SummarySugar prices traded lower by Rs 3 to Rs 3,267 per quintal in futures trade.

Amid subdued demand and higher supplies into the spot markets, sugar prices traded lower by Rs 3 to Rs 3,267 per quintal in futures trade today.

However, slow pace of cane-crushing in key producing regions, capped the slide in sugar prices.

At the National Commodity and Derivatives Exchange, sugar for delivery in December declined by Rs 3, or 0.09 per cent, to Rs 3,267 per quintal, with an open interest of 37,15 lots.

The sweetener for delivery in January fell by similar margin to Rs 3,292 per quintal in an open interest of 14,610 lots.

"Wholesale as well as retail demand for the sweetener is weak as festive season is over", said an analyst

Marketmen said decline in sugar futures prices was mostly due to fall in demand following an end of festive season and higher supplies in the spot markets.

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