Sugar futures remain weak, shed 0.26 pc on higher supply

Sugar remained weak and prices fell further by 0.26 per cent to Rs 3,092 per quintal in futures trade today as speculators reduced positions, driven by higher supplies from mills in the spot market against subdued demand.
At the National Commodity and Derivatives Exchange, sugar for delivery in September declined Rs 8, or 0.26 per cent to Rs 3,092 per quintal with an open interest of 11,700 lots.
Similarly, the sweetener for delivery in August shed Rs 5, or 0.16 per cent to Rs 3,077 per quintal in 5,810 lots.
Analysts said offloading of positions by speculators amidst higher supplies from millers in the physical market against sluggish demand from bulk consumers mainly kept pressure on sugar prices at futures trade.