Sugar down by 0.5% on higher supply

Sugar prices moved down by 0.48% to Rs 2,510 per quintal in futures trade today as speculators trimmed positions, triggered by adequate stocks position on higher supplies from mills.

At the National Commodity and Derivatives Exchange, sugar for delivery in July month declined by Rs 12, or 0.48% to Rs 2,510 per quintal with an open interest of 16,760 lots.

Likewise, the sweetner for delivery in May contracts shed Rs 10, or 0.41% to Rs 2,433 per quintal in 36,570 lots.

Analysts said offloading of positions by speculators, triggered by higher supplies in the physical markets from mills against low demand from bulk consumers, mainly kept pressure on sugar prices at futures trade.