Sugar futures extend gain on rising demand

Extending gains for the second straight day, sugar futures traded higher by another 0.68 per cent to Rs 2,508 per quintal today as participants enlarged positions, tracking a firm trend at spot market on rising demand from retailers and bulk consumers.
However, adequate stocks on higher supplies from millers restricted the rise.
At the National Commodity and Derivatives Exchange, sugar for delivery in far-month December gained Rs 17, or 0.68 per cent to Rs 2,508 per quintal with an open interest of 41,630 lots.
In a similar fashion, the sweetener for delivery in October contracts moved up by Rs 8, or 0.32 per cent to Rs 2,477 per quintal in 41,020 lots.

Analysts attributed continued rise in sugar prices in futures trade to strong demand from retailers as well as bulk consumers supported by festive season in the spot market.