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Sugar futures on the NCDEX continued its downtrend on Thursday. Sugar for November delivery was down 0.63 per cent at Rs 3,321 a quintal at 1:45 pm on the NCDEX. An increase in supply has kept prices under check despite demand peaking in the last few days on the back of festival celebration.
With the cane crushing season set to begin next month, prices may remain low, feel analysts. The below-normal rainfall in key sugarcane growing regions is expected to pull down sugar output to 24 million tonnes this year against 25 million tonnes registered last year.
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