Sugar futures extend losses on higher supply, down 0.57pc

Sugar prices fell for the third day in futures trade today dropping by 0.57 per cent to Rs 2,421 per quintal due to weak cues from spot markets.
At the National Commodity and Derivatives Exchange, sugar for delivery in May month fell by Rs 14, or 0.57 per cent, to Rs 2,421 per quintal with an open interest of 40,970 lots.
Similarly, the sweetener for delivery in July shed Rs 12, or 0.48 per cent, to Rs 2,512 per quintal in 14,960 lots.
Analysts said offloading of positions by speculators, triggered by higher supplies in spot markets by mills against low demand from bulk consumers, mainly kept pressure on sugar prices at futures trade.