Sugar down by 0.7% on ample supply

Sugar prices were down by 0.70% to Rs 2,826 per quintal in futures trading today as speculators trimmed positions amidst higher supplies from millers in the spot market.

At the National Commodity and Derivatives Exchange, sugar for delivery in May month fell Rs 20, or 0.70% to Rs 2,826 per quintal with an open interest of 7,190 lots.

Similarly, the sweetner for delivery in March contract declined by Rs 17, or 0.62% to Rs 2,729 per quintal in 21,700 lots.

Marketmen attributed the fall in sugar futures to adequate stocks position in the spot markets on increased supplies from millers against low demand from bulk consumers.