Sugar prices continued their downward trend and fell 0.30% further to Rs 3,355 per quintal today as speculators indulged in profit-booking after recent gains. However, a firming trend in the physical markets due to demand for the festive season capped the losses.
At the National Commodity and Derivatives Exchange, sugar for delivery in September fell by Rs 10, or 0.30%, to Rs 3,355 per quintal, with an open interest of 31,880 lots.
The August contract traded Rs 6, or 0.18%, lower at Rs 3,308 per quintal, with an open interest of 35,450 lots.
Market analysts said continued profit-booking by speculators at prevailing levels put pressure on the sugar futures but a persistent rise in sugar prices at spot markets and poor rainfall in cane-growing areas restricted the fall.
Meanwhile, sugar prices went up by a whopping Rs 200 per quintal to Rs 3,860 per quintal in the national capital yesterday.
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