Sugar extended gains as it gained 0.98% in futures trade today buoyed by government's decision to allow sugar exports of up to five lakh tonnes.
At the National Commodity and Derivatives Exchange, sugar for delivery in May traded Rs 28, or 0.98%, higher at Rs 2,877 per quintal, with an open interest of 11,050 lots.
Likewise, sugar futures prices for delivery in April also rose by Rs 19, or 0.68%, to Rs 2,795 per quintal, with a business turnover of 35,070 lots.
Analysts attributed the continued rise in the sugar future prices to speculation of rise in the sweetener prices following government's decision to permit sugar exports of up to five lakh tonnes.
Also, expectations of pick-up in demand at spot markets from bulk consumers such as ice-cream makers also influenced sugar futures prices, they added.
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