Sugar futures fall on profit-booking

Sugar futures prices fell sharply by Rs 29 to Rs 2,805 per quintal in Delhi after speculators booked profits,reducing their positions amid increased stock availability in the spot market.

At the National Commodity and Derivatives Exchange,sugar for delivery in August fell by Rs 26,or 0.92 per cent,to Rs 2,805 per quintal,with an open interest for 91,800 lots.

Similarly,the sweetener for September delivery lost Rs 19,or 0.66 per cent,to Rs 2,869 per quintal,with a business volume of 13,270 lots.

Analysts said the fall in sugar futures prices was due to profit-booking by traders of gains recorded in the previous few sessions amid adequate supply in the spot market.