Sugar futures remain under pressure on ample supply

Sugar prices drifted by Rs 18 to Rs 2,368 per quintal in futures trade today amid continued supplies by mills against subdued demand from bulk consumers in spot markets.
Besides, reports of higher output this marketing year too weighed on sugar prices.
At the National Commodity and Derivatives Exchange, sugar for delivery in May declined by Rs 18 or 0.76 per cent to Rs 2,363 per quintal with an open interest of 29,700 lots.
Likewise, the sweetener for delivery in July shed Rs 17 or 0.68 per cent to Rs 2,468 per quintal in 33,300 lots.
Analysts attributed fall in sugar prices at futures trade to persistent supplies by mills against low demand from bulk consumers amidst reports of higher output.

Meanwhile, country's sugar production has increased by 14.27 per cent to 27.37 million tonnes till April, according industry body Indian Sugar Mills Association (ISMA).