Sugar rises 0.21% on spot demand

Higher output, however, restricted gains

In range-bound movements, sugar prices edged up by 0.21% to Rs 2,917 per quintal in futures trade today as speculators enlarged their positions on pick-up in spot demand from bulk consumers.

However, higher output in the spot markets restricted gains.

At the National Commodity and Derivatives Exchange, sugar for August delivery traded Rs 6, or 0.21%, higher at Rs 2,917 per quintal, with an open interest for 12,840 lots.

Sugar for delivery in July also rose by Re one, to Rs 2,887 per quintal, with an open interest of 24,630 lots.

Analysts attributed the rise in sugar futures to a firming trend in spot markets on summer season demand from bulk consumers, but supply pressure from millers on higher output restricted the gains.