Sugar weak in futures trade on adequate supply

Sugar remained weak and prices fell by another 0.46 per cent to Rs 2,382 per quintal in futures trading today as speculators indulged in reducing their positions due to persistent supplies from mills in the spot markets.
Besides, expectations of a higher output this marketing year kept pressure on sugar.
At the National Commodity and Derivatives Exchange, sugar for delivery in May month fell further by Rs 11, or 0.46 per cent to Rs 2,382 per quintal with an open interest of 39,010 lots.
Similarly, the sweetener for delivery in March contracts edged down by Rs 5, or 0.20 per cent, to Rs 2,450 per quintal in 11,730 lots.

Analysts said offloading of positions by speculators, triggered by adequate stocks position in spot markets on increased supplies from mills, mainly pulled down sugar prices at futures trade.