Sugar futures rise 0.43% on summer season demand

Sugar prices moved up by 0.43 per cent to Rs 3,049 per quintal in futures trading today as speculators created fresh positions on summer season demand in the spot markets amid drop in output.
At the National Commodity and Derivatives Exchange, sugar for delivery in June rose by Rs 13, or 0.43 per cent, to Rs 3,049 per quintal with an open interest of 48,990 lots.
Similarly, the sweetener for delivery in May traded higher by Rs 11, or 0.36 per cent, to Rs 3,105 per quintal in 38,650 lots.
Analysts said besides increased summer season demand from bulk consumers, drop in sugar output, mainly led to rise in sweetener prices at futures trade.

Meanwhile, the country's sugar production fell 3.45 per cent to 23.75 million tonnes in the first seven months of the 2013-14 season as output declined in key states, industry body ISMA said.