Sugar sheds 0.47% on higher supply

Speculators trim positions on low offtake from bulk consumers

Sugar prices drifted by 0.47 per cent to Rs 2,755 per quintal in futures trade 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 December declined by Rs 13, or 0.47 per cent to Rs 2,755 per quintal with an open interest of 13,300 lots.

However, the March 2015 contract held steady at Rs 2,825 per quintal in 12,820 lots.

Market analysts said higher supplies in the physical market on increased arrivals from mills against subdued demand from bulk consumers mainly kept pressure on sugar prices in futures trade.