Sugar futures remain weak on supply pressure

Sugar remained weak and prices fell by another 2.29 per cent to Rs 2,557 per quintal in futures trading today as speculators indulged in reducing their positions, triggered by higher supplies from mills.
Besides, reports of higher output kept pressure on sugar.
Meanwhile, sugar output in India, the world's second largest producer, rose by 14 per cent to 19.4 million tonnes in the first five months of the current marketing year ending September, according to industry data.
At the National Commodity and Derivatives Exchange, sugar for delivery in April dropped by Rs 60, or 2.29 per cent to Rs 2,557 per quintal with an open interest of 33,230 lots.

Similarly, the sweetener for delivery in March contracts traded lower by Rs 53, or 2.11 per cent to Rs 2,463 per quintal in 22,480 lots.
Analysts said offloading of positions by participants, triggered by adequate stocks position on heavy supplies from mills, mainly pulled down sugar prices at futures trade.