Ample stocks drag down sugar futures by 0.28%

Sugar prices shed 0.28 per cent to Rs 3,890 per quintal in futures trading today as speculators trimmed their positions, triggered by adequate stocks position on increased supplies at spot market against muted demand.
At the National Commodity and Derivatives Exchange, sugar for delivery in March declined by Rs 11, or 0.28 per cent to Rs 3,890 per quintal with an open interest of 13,125 lots.
Analysts said offloading of positions by traders, driven by sufficient stocks position on increased supplies from mills in the physical market against subdued demand from bulk consumers, mainly influenced sugar prices at futures trade.