Sugar down 0.8% on profit-booking

Commodity for delivery in October contracts traded lower by Rs 18, or 0.48%

Sugar futures fell by 0.88% to Rs 3,625 per quintal in futures trading today as speculators booked profits at prevailing levels against adequate stocks.

At the National Commodity and Derivatives Exchange, sugar for delivery in July month declined by Rs 32, or 0.88% to Rs 3,625 per quintal with an open interest of 38,210 lots.

Similarly, the sweetener for delivery in October contracts traded lower by Rs 18, or 0.48% to Rs 3,741 per quintal in 9,320 lots.

Analysts attributed the fall in sweetener prices at futures trade to profit-booking by traders at existing levels against sufficient stocks on increased supplies from mills.
 

Meanwhile, the Food Ministry has proposed to impose 25% duty on export of sugar to ensure sufficient supply of the sweetener in the domestic market.