Sugar rules firm on spot demand

December & Jan contracts gain 0.36% and 0.3% as speculators enlarge positions

Sugar futures rose by Rs 12 to Rs 3,327 per quintal as speculators enlarged positions largely supported by increased demand in the spot markets.

At the National Commodity and Derivatives Exchange, sugar for December delivery traded Rs 12, or 0.36 per cent, higher at Rs 3,327 per quintal, with an open interest for 28,020 lots.

January sugar traded higher by Rs 10, or 0.30 per cent, at Rs 3,340 per quintal, with open interest of 9,790 lots.

Marketmen attributed the rise in sugar futures to a firming trend at the spot markets on firm demand amid reports that the government is considering the Rangarajan Committee report on sugar decontrol.