Sugar futures remain weak on higher supply, low demand

Sugar prices fell by 0.34 per cent to Rs 2,965 per quintal in futures market today as speculators reduced positions amidst ample supplies in spot market.
At the National Commodity and Derivatives Exchange, sugar for delivery in July fell by Rs 10, or 0.34 per cent, to Rs 2,965 per quintal with an open interest of 25,400 lots.
Likewise, the sweetener for delivery in June traded lower by Rs 10, or 0.33 per cent, to Rs 2,990 per quintal in 41,980 lots.
Analysts said besides lower demand in the spot market, ample supplies from millers, mainly kept pressure on sugar prices at futures market.