Sugar up by 0.1% on spot demand

Sugar prices were up 0.15% to Rs 2,685 per quintal in futures trade today as traders created fresh bets driven by pick-up in demand in the spot market.

However, adequate stock position on higher supplies from producing regions and higher output reports capped the rise.

At the National Commodity and Derivatives Exchange, sugar for delivery in December edged up Rs 4, or 0.15%, to Rs 2,685 per quintal with an open interest of 52,300 lots.

Likewise, the sweetener for delivery in March next year traded higher by Rs 4, or 0.14%, to Rs 2,821 per quintal in 60,380 lots.

Analysts attributed the rise in sugar prices in futures trade to improved demand from retailers as well as bulk consumers at the spot market supported by ongoing wedding season.