Sugar futures remain weak on ample stocks

Sugar prices drifted lower by 0.25 percent to Rs 3,622 per quintal in futures market today as participants reduced their positions, triggered by adequate stocks position on increased supplies at the spot market against low demand.

At the National Commodity and Derivatives Exchange, sugar for delivery in July declined by Rs 9 or 0.25 percent to Rs 3,622 per quintal with an open interest of 35,790 lots.

Analysts said offloading of positions on the back of sufficient stocks on increased supplies in the physical market against weak demand from bulk consumers kept sweetener prices down at futures trade.