Sugar futures rise 0.78% as demand picks up

Sugar prices rose 0.78% to Rs 2,957 per quintal in futures market today as speculators built up fresh positions after pick up in demand in the spot market supported by ongoing marriage season.

At the National Commodity and Derivatives Exchange, sugar for delivery in November rose Rs 23, or 0.78%, to Rs 2,957 per quintal with an open interest of 7,370 lots.

Similarly, the sweetener for delivery in December traded higher by Rs 2, or 0.07%, to Rs 2,829 per quintal in 11,180 lots.

Analysts said speculators built up fresh positions after pick up in demand supported by ongoing marriage season led to rise in sugar prices at futures trade.