Sugar futures down 1.56% on ample supply, weak demand

Sugar prices fell by 1.56 per cent to Rs 2,399 per quintal in futures market today as speculators reduced their exposure amid ample supplies on and subdued demand at spot markets.
Besides, reports of higher output this marketing season kept pressure on sugar prices.
At the National Commodity and Derivatives Exchange, sugar for delivery in May fell by Rs 38, or 1.56 per cent to 2,399 per quintal with an open interest of 38,420 lots.
Similarly, the sweetener for delivery in March contracts declined by Rs 20, or 0.81 per cent to Rs 2,461 per quintal in 12,740 lots.
Analysts attributed the fall in sugar prices to adequate stocks in the physical market following continued supplies from mills against low demand from bulk consumers.

Meanwhile, the country's sugar production has risen by over 14 per cent to 22.18 million tonnes till March 15 of the current marketing year, industry body ISMA said today.