Ample stocks drag down sugar futures by 0.46%

Sugar prices were down by 0.46 per cent to Rs 3,240 per quintal in futures trading today as traders cut down their holdings, triggered by adequate stocks at the spot market on higher supplies from mills amid fall in demand.
At the National Commodity and Derivatives Exchange, sugar for delivery in far-month May fell by Rs 15 or 0.46 per cent to Rs 3240 per quintal with an open interest of 68,830 lots.
Similarly, the sweetener for delivery in March contracts eased by Rs 6 or 0.19 per cent to Rs 3134 per quintal in 92,240 lots.
Analysts said trimming of positions by participants, triggered by ample stocks position on higher supplies from mills in the physical market against low demand from bulk consumers, mainly led to the decline in sugar prices at the futures trade.