Sugar futures down on ample supply

Sugar futures fell by 0.80% to Rs 2,714 per quintal today after speculators reduced their positions amid ample supply in the market.

At the National Commodity and Derivatives Exchange, sugar for delivery in September shed Rs 22, or 0.80%, to Rs 2,714 per quintal, with an open interest for 4,460 lots.

Similarly, sugar for delivery in October fell by Rs 21, or 0.75%, to Rs 2,772 per quintal, with an open interest for 4,460 lots.

Analysts said sugar futures prices fell as speculators reduced their positions amid sufficient stock availability in the spot market, following higher supply.

Nevertheless, the improved spot market demand due to the ongoing festive season limited the losses.