Sugar futures slip on profit booking

Sugar futures edged lower as participants booked profits after recent gains. Further, slackened demand in the spot market also weighed on prices. However, expectation of improving demand from bulk consumers due to summer- season and lower output estimates, limited the losses. India’s sugar production has dropped by 7% to 21.5 million tonnes in the first six months of the current marketing year due to lower output in key producing states. The contract for May delivery was trading at Rs 3242.00, down by 0.22% or Rs 7.00 from its previous closing of Rs 3249.00. The open interest of the contract stood at 67840.00 lots. The contract for June delivery was trading at Rs 3237.00, down by 0.40% or Rs 13.00 from its previous closing of Rs 3250.00. The open interest of the contract stood at 27400.00 lots on NCDEX.