Sugar rises by 0.4% as spot demand picks up

Sugar prices rose by 0.35% to Rs 2,841 per quintal in futures trading today as speculators enlarged their positions driven by pick up in spot markets demand.

 

However, ample supplies from mills into the physical market limited the gains.

 

At the National Commodity and Derivatives Exchange, sugar for delivery in December rose by Rs 10, or 0.35%, to Rs 2,841 per quintal with an open interest of 12,030 lots.

 

The sweetener for delivery in January also moved up by Rs 9, or 0.32%, to Rs 2,845 per quintal in 21,040 lots.

 

Analysts attributed the rise in sugar prices at futures trade to increased buying by speculators following pick up in demand in the spot market due to ongoing marriage season.