Sugar rises marginally on festive demand

October contract rises 0.06%

Sugar prices rose marginally to Rs 3,472 per quintal in futures trade today as speculators engaged in creating positions on hopes of a pick up in demand for the coming festival season.

At the National Commodity and Derivatives Exchange, sugar for October delivery traded Rs 2, or 0.06%, higher at Rs 3,472 per quintal, with an open interest for 16,970 lots.

November sugar rose by a similar margin to Rs 3,374 per quintal, with an open interest of 22,640 lots.

Marketmen said the rise in sugar futures was on account of fresh positions created by speculators in anticipation that the upcoming festivals will boost demand for the sweetener.