Sugar futures dip 0.73% on supply pressure

Extending losses for the second straight day, sugar prices fell further by 0.73 per cent to Rs 2,541 per quintal in futures trade today as traders indulged in reducing positions, driven by adequate stocks at spot market on persistent supplies from mills.
At the National Commodity and Derivatives Exchange, sugar for delivery in far-month December fell Rs 18, or 0.73 per cent to Rs 2,541 per quintal with an open interest of 41,770 lots.
Likewise, the sweetener for delivery in October contracts eased by Rs 17, or 0.70 per cent to Rs 2,421 per quintal in 30,710 lots.
Analysts said offloading of positions by traders, triggered by sufficient stocks position on higher supplies from mills in the physical market against low demand from retailers and bulk consumers mainly kept pressure on sweetener prices at futures trade.