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Sugar down by 0.8% on ample supply

Sugar prices moved down by 0.78% to Rs 2,665 per quintal in futures trade today as speculators trimmed positions, triggered by higher supplies in the spot market.

At the National Commodity and Derivatives Exchange, sugar for delivery in December fell by Rs 21, or 0.78% to Rs 2,665 per quintal with an open interest of 2,590 lots.

Likewise, the sweetner for delivery in far-month March next year contract shed Rs 2, or 0.07% to Rs 2,775 per quintal in 17,450 lots.

Market analysts attributed the fall in sugar futures to adequate stocks in the physical market following ample supplies from millers against subdued demand from bulk consumers.

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