Sugar futures extend losses on ample supply

Continuing its losing streak for the fourth straight day, sugar prices fell by another 0.76 per cent to Rs 3,380 per quintal in futures market today as participants trimmed their positions amid higher supplies from mills.
At the National Commodity and Derivatives Exchange, sugar for delivery in May was down Rs 26 or 0.76 per cent to Rs 3,380 per quintal with an open interest of 92,570 lots.
Similarly, the sweetener for delivery in July contracts fell by Rs 13 or 0.36 per cent to Rs 3,561 per quintal in 36,910 lots.
Market analysts said offloading of positions by traders, triggered by higher supplies from mills against low demand kept pressure on sugar prices at futures trade.

Meanwhile, Centre has directed the state governments to impose stock holding limits on sugar traders to check hoarding and control price rise.