Sugar futures soften 0.64% on ample supply

Sugar moved down by 0.64 per cent to Rs 2,940 per quintal in futures trade today as speculators trimmed positions amid higher supplies in the spot market against weak demand from bulk consumers.
At the National Commodity and Derivatives Exchange, sugar for delivery in October moved down by Rs 19, or 0.64 per cent to Rs 2,940 per quintal with an open interest of 1,960 lots.
Similarly, the sweetener for delivery in November shed Rs 8, or 0.28 per cent to Rs 2,808 per quintal in 15,150 lots.
Market analysts said higher supplies from millers mainly kept pressure on sugar prices at futures trade here but festive season demand, capped the fall.