Sugar futures down 1.53 pc on ample supply

Sugar futures dropped by 1.53 per cent to Rs 2,502 per quintal today on speculative selling amid ample stocks and low demand in spot markets.
Besides, expectations of higher output put pressure on sugar prices.
At the National Commodity and Derivatives Exchange, sugar for delivery in March month fell by Rs 39, or 1.53 per cent to Rs 2,502 per quintal with an open interest of 22,440 lots.
Likewise, the sweetener for delivery in May moved down by Rs 32, or 1.21 per cent, to Rs 2,608 per quintal in 32,310 lots.
Analysts attributed the fall to adequate stocks due to persistent supplies from mills against low demand from bulk consumers.

Sugar output in India, the world's second largest producer, rose by 14 per cent to 19.4 million tonnes in the first five months of the current marketing year ending September, according to industry data.