Sugar down 0.6% on ample supply
Commodity for delivery in October contracts traded lower by 0.55%
 "Sugar down 0.6% on ample supply")
Sugar prices were down 0.65 per cent to Rs 2,133 per quintal in futures trading today as speculators trimmed positions, driven by higher supplies from millers against low demand from bulk consumers.
Besides, a weak trend at the physical market due to subdued demand and reports of higher output estimates this marketing year also kept up pressure.
At National Commodity and Derivatives Exchange, sugar for delivery in July declined Rs 14, or 0.65 per cent, to Rs 2,133 per quintal with an open interest of 29,780 lots.
Meanwhile, at the spot market in the national capital, sugar ready prices were trading at seven-year low of Rs 2,460-2,620 per quintal.
Analysts said offloading of positions by speculators, triggered by higher supplies from mills, mainly led to the fall in sugar prices.
Lower demand from bulk consumers such as ice-cream and soft-drink makers also dampened sentiment, they said.
Besides, a weak trend at the physical market due to subdued demand and reports of higher output estimates this marketing year also kept up pressure.
At National Commodity and Derivatives Exchange, sugar for delivery in July declined Rs 14, or 0.65 per cent, to Rs 2,133 per quintal with an open interest of 29,780 lots.
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Similarly, the sweetener for delivery in October contracts traded lower by Rs 12, or 0.55 per cent, to Rs 2,184 per quintal in 38,080 lots.
Meanwhile, at the spot market in the national capital, sugar ready prices were trading at seven-year low of Rs 2,460-2,620 per quintal.
Analysts said offloading of positions by speculators, triggered by higher supplies from mills, mainly led to the fall in sugar prices.
Lower demand from bulk consumers such as ice-cream and soft-drink makers also dampened sentiment, they said.