Sugar down 0.3% on ample supply

Commodity for delivery in December shed 0.1%

Sugar prices declined by 0.38% to Rs 2,889 per quintal in futures trading today after participants reduced positions amid ample supplies from producing regions.

However, festive demand in the spot market capped the fall.

At the National Commodity and Derivatives Exchange, sugar for delivery in November declined by Rs 11, or 0.38%, to Rs 2,889 per quintal with an open interest of 25,980 lots.

Similarly, the sweetener for delivery in December shed Rs 3, or 0.10%, to Rs 2,891 per quintal in 13,090 lots.

Market analysts attributed the fall in sugar futures to ample supplies from producing regions but festive and wedding season demand limited the losses.