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Continuing its slide for yet another session due to sufficient availability of stocks in the spot market, sugar futures prices moved further down by 0.29 per cent to Rs 2,746 per quintal today.
Subdued demand from bulk consumers also weighed down on the sweetener’s prices.
At the National Commodity and Derivatives Exchange, sugar for delivery in May fell by Rs 8 or 0.29 per cent to Rs 2,746 per quintal with an open interest of 12,430 lots. Similarly, April contract also shed Rs 7 or 0.26 per cent to Rs 2,664 per quintal with a business volume of 36,890 lots.
Analysts attributed the fall in sugar prices to sufficient availability of stocks in the market, following allocation of higher free-sale quota for the current month.
Besides, absence of necessary demand from consuming industries such as soft drink and ice-cream makers also put pressure on the prices, they said.
Meanwhile, the Government had allocated 19.07 lakh tonnes of sugar for sale in the open market as well as through ration shops during this month, marginally higher than the last month’s 18.86 lakh tonnes.
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