Sugar futures price down on hopes of higher non-levy quota

Sugar futures today fell by Rs 20 to Rs 3,453 per quintal as speculators engaged in trimming positions on expectations that the government will release higher non-levy quota of the sweetener due to festive season.

At the National Commodity and Derivatives Exchange, sugar for delivery in November traded lower by Rs 20, or 0.58 per cent, to Rs 3,453 per quintal, with an open interest of 22,960 lots.

The sweetener for delivery in October shed Rs 10, or 0.28 per cent, to Rs 3,512 per quintal, in an open interest of 25,700 lots.

Marketmen said fall in sugar futures prices was mostly due to increased supplies in the spot markets on expectations that the government may release higher non-levy quota for December quarter later this week to meet strong demand for the festive season.

They, however, said firm demand in spot markets limited the fall in prices.

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