Sugar futures extend gains, up 0.56% on spot demand

Sugar prices rose by another 0.56 per cent to Rs 3,233 per quintal in futures trade today as participants widened their bets, supported by strong demand in the spot market.
At the National Commodity and Derivatives Exchange, sugar for delivery in March month rose by Rs 18, or 0.56 per cent, to Rs 3,233 per quintal with an open interest of 96,270 lots.
In a similar fashion, the sweetener for delivery in May contracts traded higher by Rs 15, or 0.45 per cent, to Rs 3,324 per quintal in 28,010 lots.
The rise in sugar prices in futures trade was supported by pick up in demand from retailers as well as bulk consumers in the spot market, market analysts said.

However, they added that adequate stocks position on higher supplies from mills capped the rise.