Sugar futures down 0.49% on higher supply

Sugar futures traded 0.49 per cent lower at Rs 2,430 per quintal in futures trade today as participants trimmed positions, largely in line with a weak trend at the spot markets due to low demand against higher supplies from mills.
At National Commodity and Derivatives Exchange, sugar for delivery in October month fell Rs 12, or 0.49 per cent to Rs 2,430 per quintal with an open interest of 46,450 lots.
Likewise, the sweetener for delivery in December contracts eased by Rs 8, or 0.32 per cent to Rs 2,454 per quintal in 43,250 lots.
Analysts said sluggish demand at the spot markets against persistent supplies by millers mainly weighed on sweetener prices at futures trade.