Sugar futures extend slide on higher supply

Sugar prices fell by another 0.37 per cent to Rs 3,498 per quintal in futures trade today as participants engaged in reducing their bets, triggered by higher supplies from mills at spot market.
At the National Commodity and Derivatives Exchange, sugar for delivery in far-month July declined by Rs 13, or 0.37 per cent to Rs 3,498 per quintal with an open interest of 38,560 lots.
The sweetener for delivery in May contracts was trading lower by Rs 5, or 0.15 per cent to Rs 3,320 per quintal in 79,200 lots.
Market analysts said offloading of positions by traders, driven by higher supplies from mills against subdued demand from bulk consumers kept sugar prices lower at futures trade.

Meanwhile, the Centre has directed the state governments to impose stock holding limits on sugar traders to check hoarding and control price rise.