Sugar weakens in futures trade; sheds 0.30% on ample supply

Sugar extended losses with prices falling 0.30 per cent to Rs 2,997 per quintal in futures trade today as speculators engaged in reducing positions amidst ample supplies from producing belts in the physical markets.
At the National Commodity and Derivatives Exchange, sugar for delivery in August declined by Rs 9, or 0.30 per cent, to Rs 2,997 per quintal with an open interest of 20,620 lots.
Likewise, the sweetener for delivery in September shed Re 1, or 0.03 per cent, to Rs 3,050 per quintal in 8,000 lots.
Analysts said offloading of positions by speculators, driven by ample supplies in the physical market and lower demand from bulk consumers, kept pressure on sugar prices at futures trade.