Ample stocks pull down sugar futures by 0.34%

Sugar prices moved down by 0.34 per cent to Rs 3,205 per quintal in futures trade today, as participants reduced positions, triggered by adequate stocks at the spot market on higher supplies from mills.
At the National Commodity and Derivatives Exchange, sugar for delivery in March declined by Rs 11, or 0.34 per cent, to Rs 3,205 per quintal, with an open interest of 1,06,450 lots.
On similar lines, the sweetener for delivery in far-month May eased by Rs 7, or 0.21 per cent, to Rs 3,292 per quintal in 30,820 lots.
Analysts said offloading of positions by participants, driven by sufficient stocks on higher supplies from mills in the physical market, mainly kept pressure on sugar prices at the futures trade.