Sugar up by 0.5% on seasonal buying

Sugar prices rose by 0.53% to Rs 2,468 per quintal in futures market today as speculators enlarged positions amidst pick-up in demand from bulk consumers and retailers.

However, ample supplies and reports of higher output in the current marketing year, capped the gains.

At the National Commodity and Derivatives Exchange, sugar for delivery in May edged higher by Rs 13, or 0.53%, to Rs 2,468 per quintal with an open interest of 38,300 lots.

In a similar fashion, the sweetener for delivery in July gained Rs 12, or 0.51%, to Rs 2,560 per quintal in 11,210 lots.

Analysts attributed the rise in sugar prices at futures trade to pick-up in demand due to summer season, particularly from bulk consumers such as ice-cream makers and confectioners.