Supply pressure drags down sugar futures 0.89%

Sugar prices drifted by 0.89 per cent to Rs 2,683 per quintal in futures market today as participants engaged in trimming positions, triggered by ample stocks at the spot market on higher supplies from mills.
At the National Commodity and Derivatives Exchange, sugar for delivery in December fell Rs 24, or 0.89 per cent, to Rs 2,683 per quintal, with an open interest of 60,590 lots.
In a similar manners, the sweetener for delivery in far-month March next year traded lower by Rs 21, or 0.74 per cent, to Rs 2,815 per quintal in 38,730 lots.
Analysts said offloading of positions by participants triggered by adequate stocks position in the physical market on higher supplies from mills, mainly kept sugar prices down at futures trade.

They said, however, festive and wedding season demand capped the fall.