Sugar futures prices weaken on sluggish demand, higher supply

Amid subdued demand and higher supplies into the spot markets, sugar prices fell by Rs 8 to Rs 3,313 per quintal in futures trade today.

However, reports of a delay in cane crushing in Uttar Pradesh, the second biggest sugar producing state, capped the slide in sugar prices.

At the National Commodity and Derivatives Exchange, sugar for delivery in January declined by Rs 8, or 0.24 per cent, to Rs 3,313 per quintal, with an open interest of 3,313 lots.

The sweetener for delivery in December traded Rs 5, or 0.15 per cent lower at Rs 3,13 per quintal in an open interest of 28,810 lots.

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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