Sugar futures down 1.35% on profit booking

Sugar prices moved down by 1.35 per cent to Rs 3,423 per quintal in futures trade today as speculators booked profits, driven by easing demand in the spot market against ample stocks.
At the National Commodity and Derivatives Exchange, sugar for delivery in December drifted lower by Rs 47 or 1.35 per cent to Rs 3,423 per quintal with an open interest of 12,920 lots.
Analysts attributed the fall in sweetener prices to profit-booking by traders due to low Diwali demand against adequate stocks position.
Meanwhile, government decided to extend stock limits on sugar traders by another six months till April 2017 in order to check sweetener prices, which at present are ruling around Rs 40 per kg.