Sugar futures down by 0.17% on profit-booking

Sugar futures prices declined by 0.17% to Rs 2,865 per quintal today, after speculators booked profits due to poor demand in the spot market amid increased supply.

At the National Commodity and Derivatives Exchange, sugar for delivery in March fell by Rs 5, or 0.17%, to Rs 2,865 per quintal, with an open interest for 16,860 lots.

In a similar fashion, sugar for February delivery fell by Re 1, or 0.04%, to Rs 2,843 per quintal, with an open interest for 24,510 lots.

Analysts attributed the fall in sugar futures prices to profit-booking by speculators after recent gains and a weak trend in the spot market amid a considerable fall in demand.

Meanwhile, sugar eased by a rupee to Rs 2,791 per 100 kg in the Kolhapur spot market in top producing Maharashtra state, in yesterday's trade.