Sugar down 0.3% on ample stocks

Commodity for delivery in July traded lower by 0.22%

Sugar prices were down 0.30% to Rs 2,330 per quintal in futures trade as speculators cut down positions, triggered by supplies from mills.

Also, reports of higher output this marketing year kept pressure on sugar prices.

At the National Commodity and Derivatives Exchange, sugar for delivery in October shed Rs 7, or 0.30%, to Rs 2,330 per quintal with an open interest of 28,610 lots.

Likewise, the sweetener for delivery in July traded lower by Rs 5, or 0.22%, to Rs 2,265 per quintal in 56,400 lots.

Analysts said offloading of positions by speculators, driven by adequate stock position in the market on persistent supplies by mills amid reports of higher output, mainly influenced sugar prices.