Sugar futures fell by Rs 25 to Rs 3,223 per quintal today after speculators locked-in gains after recent hefty gains even as demand in spot market remained strong on account of festive season.
At the National Commodity and Derivatives Exchange, the August contract for sugar fell by Rs 25, or 0.77%, to Rs 3,223 per quintal, with an open interest of 37,230 lots.
The September contract shed Rs 26, or 0.79%, to Rs 3,276 per quintal, with an open interest of 24,200 lots.
Marketmen said fall in sugar futures prices was mostly due to emergence of profit-booking by speculators at existing higher levels after recent gains but strong demand in the physical markets from bulk consumers and poor rainfall in cane-growing areas restricted the fall.
Meanwhile, at Kolhapur spot market in largest producing state of Maharashtra, sugar surged by 1.88% to Rs 3,306 per quintal in yesterday's trade.