Sugar futures soften 0.53% on adequate stocks

Sugar prices fell by 0.53 per cent to Rs 2,061 per quintal in futures trade today after participants reduced exposure amid adequate stocks position on higher supplies from mills at spot market.
Further, low demand from bulk consumers weighed on the sweetener's prices.
At National Commodity and Derivatives Exchange, sugar for delivery in July declined by Rs 11, or 0.53 per cent, to Rs 2,061 per quintal with an open interest of 7,670 lots.
Likewise, the sweetener for delivery in October shed Rs 7, or 0.32 per cent, at Rs 2,212 per quintal in 41,780 lots.
Analysts said trimming of positions by speculators, driven by adequate stocks position on the back of higher supplies from mills in the physical market, kept pressure on sugar prices at futures trade.