Sugar down 0.78% on ample supply

Speculators trim positions on lower offtake from bulk consumers

Sugar prices fell 0.78 per cent to Rs 2,800 per quintal in futures market today as speculators trimmed positions amid higher supplies in the spot market against low demand from bulk consumers.

At the National Commodity and Derivatives Exchange, sugar for delivery in March fell by Rs 22, or 0.78 per cent, to Rs 2,800 per quintal with an open interest of 12,510 lots.

May sugar traded lower by Rs 20, or 0.69 per cent, to Rs 2,880 per quintal in 2,200 lots.

Market analysts said adequate stocks in the market on persistent supplies by mills mainly kept pressure on sugar prices at futures trade.