Sugar futures rise on spot demand

Supported by a pick-up in spot market demand for the ongoing festive season, sugar futures rose by 0.25% today, notwithstanding the adequate stocks position.

At the National Commodity and Derivatives Exchange, sugar for delivery in October edged higher by Rs 7, or 0.25%, to Rs 2,768 per quintal, with an open interest for 4,330 lots.

Similarly, the sweetener for delivery in September gained Rs 5, or 0.19%, to Rs 2,705 per quintal, with an open interest for 34,810 lots.

Analysts attributed the rise in sugar futures prices to a pick-up in demand in the spot market, driven by the ongoing festive season.