Sugar futures extend losses, down 1.38 pc on ample supply

Extending losses for the second day, sugar prices fell by another 1.38 per cent to Rs 3,081 per quintal in futures market today as speculators offloading, triggered by ample supplies in the spot market against low demand.
At the National Commodity and Derivatives Exchange, sugar for delivery in September fell further by Rs 43, or 1.38 per cent to Rs 3,081 per quintal with an open interest of 8,530 lots.
Similarly, the sweetener for delivery in August contract lost Rs 41, or 1.34 per cent to Rs 3,011 per quintal in 20,980 lots.
Analysts said apart from offloading of positions driven by ample supplies in the physical market, weak demand from bulk consumers mainly kept pressure on sugar prices at futures trade.