Sugar futures fall 0.37 pc on higher supply, low demand

Sugar prices drifted by 0.37 per cent to Rs 3,000 per quintal in futures trade today as speculators trimmed positions amid higher supplies in the spot market against low demand.
At the National Commodity and Derivatives Exchange, sugar for delivery in July fell by Rs 11, or 0.37 per cent, to Rs 3,000 per quintal with an open interest of 24,070 lots.
The sweetner for delivery in June contracts also declined by Rs 6, or 0.20 per cent, to Rs 3,004 per quintal in 50,710 lots.
Market analysts said adequate stocks following higher supplies from millers, sluggish demand in the spot market put pressure on sugar prices at futures trade here.