Sugar futures recover 0.48% as spot demand picks up

Sugar prices were up by 0.48 per cent to Rs 2,496 per quintal in futures trading today as participants enlarged positions, supported by pick up in demand in the spot market.
However, ample stocks on higher supplies from millers capped the rise.
At the National Commodity and Derivatives Exchange, sugar for delivery in far-month December rose Rs 12, or 0.48 per cent to Rs 2,496 per quintal with an open interest of 43,030 lots.
Likewise, the sweetener for delivery in October contracts gained Rs 10, or 0.41 per cent to Rs 2,472 per quintal in 42,780 lots.
Analysts attributed rise in sugar prices in futures trade to improved demand from retailers as well as bulk consumers driven by festive season in the spot market.