Sugar futures remain up, climb 1.32% on strong demand

Sugar futures rose by 1.32 per cent to Rs 3,604 per quintal as participants engaged in widening positions amid pick up in seasonal demand from bulk consumers.
At the National Commodity and Derivatives Exchange, sugar for delivery in far-month July shot up by Rs 47, or 1.32 per cent, to Rs 3,604 per quintal with an open interest of 49,480 lots.
Likewise, the sweetener for delivery in May contracts moved down by Rs 19, or 0.56 per cent to Rs 3,405 per quintal in 1,130 lots.
Analysts said increasing of positions by participants driven by pick up in seasonal demand from bulk consumers in the spot market, mainly kept sugar prices higher at the futures trade.

Besides, reports of lower output supported the upside, they said.
Meanwhile, sugar production for this crop year is pegged at 25.1 million tonnes, mainly due to estimated decline in production in Uttar Pradesh and Karnataka, according to a report.