Sugar futures soften 0.22% on ample supply, higher output

Sugar prices fell by 0.22 per cent to Rs 2,285 per quintal in futures trade today as speculators trimmed positions on higher supplies from mills amidst reports of higher output.
At the National Commodity and Derivatives Exchange, sugar for delivery in May eased by Rs 5, or 0.22 per cent, to Rs 2,285 per quintal with an open interest of 18,270 lots.
On similar lines, the sweetener for delivery in July shed Rs 3, or 0.12 per cent, to Rs 2,405 per quintal in 50,730 lots.
Analysts said offloading of positions by speculators, triggered by higher supplies in the physical market amidst reports of higher output, mainly weighed on sugar prices at futures trade.

Meanwhile, India's sugar production rose by 16 per cent to 27.84 million tonnes till May 15 of the current marketing year that started in October last year.