 "Sugar up 0.9% as demand picks up")
Sugar prices were up 0.89% to Rs 2,958 per quintal in futures trade today as speculators built up fresh positions after pick up in demand in the spot market.
However, adequate stocks on higher supplies from producing regions and higher output reports restricted the rise.
At the National Commodity and Derivatives Exchange, sugar for delivery in far-month March next year spurted Rs 26, or 0.89%, to Rs 2,958 per quintal, with an open interest of 82,230 lots.
Analysts said participants built up fresh positions driven by pick up in demand from retailers and bulk consumers supported by ongoing wedding season mainly led to rise in sugar prices at futures trade.
However, adequate stocks on higher supplies from producing regions and higher output reports restricted the rise.
At the National Commodity and Derivatives Exchange, sugar for delivery in far-month March next year spurted Rs 26, or 0.89%, to Rs 2,958 per quintal, with an open interest of 82,230 lots.
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Likewise, the sweetener for delivery in December traded higher by Rs 16, or 0.58%, to Rs 2,785 per quintal in 51,830 lots.
Analysts said participants built up fresh positions driven by pick up in demand from retailers and bulk consumers supported by ongoing wedding season mainly led to rise in sugar prices at futures trade.
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