Sugar futures drop 0.81% on ample stocks

Sugar prices fell by 0.81 per cent to Rs 2,831 per quintal in futures trading today as traders reduced positions amid ample stocks at spot market on higher supplies from mills.
At the National Commodity and Derivatives Exchange, sugar for delivery in far-month March 2016 contract was trading down by Rs 23, or 0.81 per cent, at Rs 2,831 per quintal, with an open interest of 38,880 lots.
Similarly, the sweetener for delivery in December contracts was trading Rs 20, or 0.73 per cent lower at Rs 2,708 per quintal in 58,540 lots.
Analysts said adequate availability at spot market on higher supplies from mills, mainly kept pressure on sugar prices at futures trade.

They said, however, ongoing festive and wedding season demand capped the fall.