Sugar prices fell sharply by Rs 49 to Rs 3,535 per quintal today as participants trimmed their positions after reports the government discussed about banning futures trading in sweetener.
At the National Commodity and Derivatives Exchange, sugar for delivery in far-month December plunged by Rs 49 or 1.37 per cent to Rs 3,535 per quintal, with an open interest of 13,870 lots.
On similar lines, the sweetener for delivery in October dropped by Rs 37, or 1.04 per cent, to Rs 3,525 per quintal in 17,010 lots.
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Finance Minister Arun Jaitley yesterday held an inter-ministerial consultation on imposing ban on sugar futures trading in an effort to curb speculation and check price rise of the sweetener during festival season.
Minister of State for Food C L Chaudhary, Secretaries from Food, Consumer Affairs, Agriculture and Finance Ministries were present in the meeting.
Marketmen said offloading of positions by participants, triggered by the government discussing about banning sugar futures trading to curb speculation and check price of sweetener during festival season, dampened sentiments.
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