The Hindu Business Line : Sugar futures witness long liquidation

Mumbai, Aug. 20 Sugar futures witnessed long liquidation in the commodity futures market on account of contract expiry. August contract on National Commodity and Derivative Exchange of India closed at Rs 1,282 per quintal down from the previous close of Rs 1,308 per quintal.

However, trades in the far month contract of sugar remained subdued, as traders were interested in closing down their positions in the August contract due to expiry, said Mr Amol Tilak, Research Analyst of Kotak Commodity Services Ltd.

Edible oils bearish

The edible oil complex remained bearish with Soya Indore market remaining down and the Malaysian Palm oil market remaining weak on slow demand. The soya oil prices were down at Rs 484 per 10 kg from the previous Rs 487.10 per 10 kg. Palm oil in the local market was quoted at Rs 450 per 10 kg down from Rs 452 per 10 kgs on the previous day. Edible oil complex was down on account of inflow of oil through imports in the country, said Mr Tilak. “We have already imported around 5.5 million tonne and expect to imports 2.1 mt by the end of this oil year in October.

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