Snapping a two-session gaining streak, sugar prices fell by nearly 1.5 per cent to Rs 3,180 per quintal in futures trade on the Multi commodity Exchange (MCX) today.
At the MCX counter, sugar for delivery in January-month contract fell sharply by 48, or 1.50 per cent, to Rs 31,80 per quintal, with a business turnover of 70 lots.
In similar fashion, the sugar for delivery in March also plunged by Rs 34, or 1.02 per cent, to Rs 3,310 per quintal, with a open interest of just one lot.
The sugar for delivery in February-month contract lost Rs 32, or 1 per cent, to Rs 3,245 per quintal, clocking a business turnover of 16 lots.
The MCX has restarted trading in six contracts for the month of January to June after the market regulator lifted ban after a gap of one and a half years.
The government had banned sugar futures in May 2009 as part of its measure to control prices of the sweetener.
Analysts said today's fall in sugar prices at futures market was attributed to profit booking by speculators after recording gains in the past two sessions.
