Sugar futures declines on adequate supply

Sugar futures prices fell by 0.6 per cent to Rs 2,834 per quintal today as speculators reduced their positions, driven by higher supplies in the spot market. However, pick-up in demand from bulk consumers restricted the losses.

At the Multi Commodity Exchange (MCX), sugar for delivery in April fell by Rs 17 or 0.6 per cent to Rs 2,834 per quintal with a business turnover of 17,780 lots. Similarly, March contract fell by Rs 16 or 0.58 per cent to Rs 2,754 per quintal with a business volume of 28,640 lots.

Market analysts attributed the fall in sugar prices to higher supplies of non-levy sugar in the market. They, however, added that pick-up in demand from cold drink makers and other bulk consumers, restricted the losses.