Sugar futures extend losses on profit-booking

Amid profit-booking by speculators after recent gains and increased supplies in the spot market, sugar prices fell by another Rs 13 to Rs 3,270 per quintal today.

In addition, fall in demand at prevailing higher levels in the spot markets, also put pressure on the sweetener prices at futures trade.

At the National Commodity and Derivatives Exchange, the Spetember contract for sugar lost Rs 13, or 0.40%, to Rs 3,270 per quintal, with an open interest of 25,240 lots.

The August contract traded Rs 4, or 0.12% lower, at Rs 3,216 per quintal, with an open interest of 37,790 lots.

Marketmen said fall in sugar futures prices was mostly due to continued profit-booking by speculators at existing higher levels after recent gains and fall in demand in the physical markets at prevailing levels.

Meanwhile, at Kolhapur spot market in largest producing state of Maharashtra, sugar surged by 0.73% to Rs 3,284 per quintal in yesterday's trade.