Sugar futures down 0.90% on higher supply

Sugar prices edged lower by 0.90 per cent to Rs 3,505 per quintal in futures market today as traders trimmed positions, triggered by higher supplies from mills at spot market.
At the National Commodity and Derivatives Exchange, sugar for delivery in far-month July fell by Rs 32, or 0.90 per cent to Rs 3,505 per quintal with an open interest of 40,290 lots.
Similarly, the sweetener for delivery in May contracts was trading lower by Rs 20, or 0.60 per cent to Rs 3,319 per quintal in 56,320 lots.
Market analysts said offloading of positions by speculators on the back of adequate stocks position on higher supplies from mills kept pressure on sugar prices at futures trade.