Indian sugar futures fell on Tuesday taking losses to about 3 percent over five sessions, as traders stepped up sales to bring down their stocks and comply with government guidelines. Last Thursday the government fixed a limit of 200 tonnes for sugar stocks held by traders and directed them to sell supplies within 30 days of purchasing the commodity, in a move aimed at cooling prices ahead of general elections in April and May.
At 2:37 pm (0907 GMT), the March contract on the National Commodity and Derivatives Exchange was down 0.66 percent at 1,956 rupees ($38) per 100 kg, while the April contract had fallen 0.19 percent to 2,053 rupees. Lopa Sanghvi, an analyst with Anand Rathi Commodities Ltd, said, lower estimates of output and winding down of crushing operations limited the drop in prices.
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