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Amid weak demand and adequate stocks in the spot market on higher supplies, sugar continued its losing streak to trade nearly one per cent lower at Rs 2,808 a quintal in futures trade on Monday.
At the National Commodity and Derivatives Exchange (NCDEX), the sugar for delivery in February fell by Rs 28 or 0.99 per cent to Rs 2,808 a quintal, having an open interest of 34,820 lots.
In likewise fashion, sugar for delivery in March also fell by Rs 27 or 0.96 per cent to Rs 2,896 a quintal, with an open interest of 19,780 lots, while delivery in April contract fell by Rs 28 or 0.93 per cent to Rs 2,980 a quintal, with an open interest of 3,250 lots.
Market analysts attributed continued fall to slack demand from bulk consumers and surplus stocks at the spot market.
Meanwhile, the country’s sugar production is estimated to have risen by 15 per cent to 8.4 million tonnes as on January 15 in the current crop year.
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