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Extending losses, sugar prices fell by another 0.77% to Rs 3,220 per quintal in futures trading today as speculators engaged in reducing positions due to slack demand in spot markets, though an estimated decline in production restricted the downside.
At the National Commodity and Derivatives Exchange, sugar for delivery in May fell by Rs 25, or 0.77% to Rs 3,220 per quintal with an open interest of 70,240 lots.
Similarly, the sweetener for delivery in June traded lower by Rs 22, or 0.69% to Rs 3,181 per quintal in 30,100 lots.
Analysts attributed the fall in sugar futures to offloading of positions by participants, tracking low demand in the spot markets but expectations of fall in output, limited the fall.
