Adequate stocks drag down sugar futures by 0.39%

Sugar prices eased by 0.39 per cent to Rs 2,846 per quintal in futures trade today as participants reduced positions, triggered by adequate stocks position at spot market on higher supplies from mills.

At the National Commodity and Derivatives Exchange, sugar for delivery in far-month March eased by Rs 11, or 0.39 per cent to Rs 2,846 per quintal with an open interest of 25,420 lots.

Similarly, the sweetner for delivery in December contracts shed Rs 7, or 0.25 per cent to Rs 2,754 per quintal in 57,590 lots.

Analysts said adequate stocks position in the physical market due to higher supplies from mills, mainly kept pressure on sugar prices at futures trade.