Sugar prices fall by Rs 21 to Rs 2,347/q as supplies improved

Continuing its declining trend for the third day, sugar today slipped further by Rs 21, or 0.89 per cent, to Rs 2,347 per quintal in futures trade due to surge in supply from mills.
Also, reports of higher output this marketing year kept pressure on sugar prices, analysts said.
At the National Commodity and Derivatives Exchange, sugar for delivery in October fell further by Rs 21, or 0.89 per cent, to Rs 2,347 per quintal with an open interest of 26,280 lots.
Similarly, the sweetener for delivery in July traded lower by Rs 10, or 0.44 per cent to Rs 2,277 per quintal in 55,530 lots.

Analysts said offloading of positions by speculators, driven by ample stocks in the market on persistent supplies by mills amid reports of higher output, mainly pulled down sugar prices in futures trade.