Ample stocks drag down sugar futures by 0.59%

Sugar prices drifted lower by 0.59 per cent to Rs 3,850 per quintal in futures trade today as speculators trimmed their positions amid adequate stocks position on increased supplies at spot market against lower demand.

At the National Commodity and Derivatives Exchange, sugar for delivery in March month fell by Rs 23, or 0.59 per cent to Rs 3,850 per quintal with an open interest of 6,410 lots.

Analysts said offloading of positions by traders, triggered by sufficient stocks position on increased supplies from mills in the physical market against lower demand from bulk consumers, mainly influenced sugar prices at futures trade.