Sugar marginally up on spot demand, output concerns

November contract rises 0.06%

Sugar futures today rose by Rs 2 to Rs 3,619 per quintal largely on expectations of pick up in demand in the spot markets ahead of the festive season amid a delay in cane crushing in the key producing region.

At the National Commodity and Derivatives Exchange, the November contract of sugar traded Rs 2, or 0.06%, higher at Rs 3,619 per quintal, with an open interest for 17,100 lots.

October sugar traded higher by Re 1, or 0.03%, at Rs 3,615 per quintal, with open interest of 38,970 lots.

Meanwhile, at the Vashi wholesale market, Medium sugar (M-30) climbed by Rs 25/20 per quintal to Rs 3,676/3,811 in yesterday's trade.

 

Marketmen attributed the rise in sugar futures to fresh positions created by speculators, triggered by a rising demand for the upcoming festive season amid a delay in cane crushing in the major producing regions.