Sugar futures decline on sluggish demand

Sugar futures traded down on NCDEX due to sluggish demand from retailers and bulk consumers amid ample stocks positions in the physical market. However, expectations of lower production from the major producing belts, capped some losses in sugar prices to some extent. The contract for May delivery was trading at Rs 3102.00, down by 0.64% or Rs 20.00 from its previous closing of Rs 3122.00. The open interest of the contract stood at 40060 lots. The contract for June delivery was trading at Rs 3058.00, down by 0.26% or Rs 8.00 from its previous closing of Rs 3066.00. The open interest of the contract stood at 46730 lots on NCDEX.