NCDEX Sugar futures slipped by about a percent today as the market participants continued to track eh frail global cues and a sense of well entrenched weakness in the global risky assets arena. Oil prices tumbled under $56 a barrel today, providing traders much more impetus to sell the sugar futures. The activity in the global financial markets was still stained after world leaders laid out detailed proposals for restructuring the global financial.
system at an historic summit in Washington on Saturday, but fell short of offering concrete or coordinated fiscal action aimed at pulling the world economy out of its tailspin.The domestic sugar futures, meanwhile, hurtled down to a low of Rs 1772 a quintal – succumbing to selling pressure for a this consecutive session and recording its two week low on an intraday basis.
The counter trades at Rs 1780 per quintal right now, down Rs 13 a quintal or 0.73% with 6% decline in the open interest. The downside supports are around Rs 1770 and 1764 from hereon.
system at an historic summit in Washington on Saturday, but fell short of offering concrete or coordinated fiscal action aimed at pulling the world economy out of its tailspin.The domestic sugar futures, meanwhile, hurtled down to a low of Rs 1772 a quintal – succumbing to selling pressure for a this consecutive session and recording its two week low on an intraday basis.
The counter trades at Rs 1780 per quintal right now, down Rs 13 a quintal or 0.73% with 6% decline in the open interest. The downside supports are around Rs 1770 and 1764 from hereon.
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