Sugar futures rise 0.40% as demand picks up

Sugar prices were up by 0.40 per cent to Rs 3,501 per quintal in futures trading today as participants enlarged their positions, tracking a firm trend at the spot market on rising demand from bulk consumers.
In addition, estimates of fall in sugar output supported the upside.
Meanwhile, India's sugar production estimate has been revised downward by about one million tonnes (MT) to over 25 MT, in the current marketing year ending September on lower sugarcane availability.
At the National Commodity and Derivatives Exchange, sugar for delivery in far-month July rose by Rs 14 or 0.40 per cent to Rs 3,501 per quintal with an open interest of 39,000 lots.

On similar lines, the sweetener for delivery in May contract was trading higher by Rs 9, or 0.27 per cent to Rs 3,310 per quintal in 51,410 lots.
Analysts attributed the rise in sugar futures to pick up in demand from bulk consumers as well as retailers in the spot market.