Sugar up 1.2% as demand picks up

Sugar for delivery in July moved up by 1.08%

Sugar rose by 1.29% to Rs 3,070 per quintal in futures trade today as speculators created fresh positions, driven by a rise in demand in the spot market.

Expectations of a drop in sugar output also supported the uptrend.

At the National Commodity and Derivatives Exchange, sugar for delivery in August rose by Rs 39, or 1.29% to Rs 3,070 per quintal with an open interest of 30,950 lots.

Similarly, sugar for delivery in July moved up by Rs 32, or 1.08% to Rs 3,007 per quintal in 9,180 lots.

Market analysts said fresh positions created by speculators following a rise in demand in the spot market mainly pushed up sugar prices at futures trade.