Sugar futures slide 0.59% on ample supply

Sugar prices fell by 0.59 per cent to Rs 2,350 per quintal in futures trade today as traders trimmed positions, triggered by higher supplies from mills at spot market against low demand from bulk consumers.
At National Commodity and Derivatives Exchange, sugar for delivery in October fell by Rs 14, or 0.59 per cent, to Rs 2,350 per quintal with an open interest of 53,760 lots.
Likewise, the sweetener for delivery in December traded lower by Rs 7, or 0.29 per cent, to Rs 2,370 per quintal in 34,930 lots.
Analysts attributed the fall in sugar prices in futures trade to adequate stocks position on higher supplies from mills in the physical market against slackened demand from bulk consumers.