Sugar futures down 0.89 pc on ample supply

Sugar prices moved down 0.89 per cent to Rs 3,105 per quintal in futures trade today as speculators reduced positions, triggered by higher supplies from mills in the spot market but festive demand capped the fall.
At the National Commodity and Derivatives Exchange, sugar for delivery in August declined by Rs 28, or 0.89 per cent to Rs 3,105 per quintal with an open interest of 4,870 lots.
Similarly, the sweetener for delivery in September traded marginally lower by Rs 3, or 0.10 per cent to Rs 3,094 per quintal in 13,880 lots.
Analysts said offloading of positions by speculators amid higher supplies from millers in the physical markets mainly led to the fall in the sweetener prices but festive season demand from bulk consumers restricted the fall.