Spot demand lifts sugar by 0.5%

Sugar prices were up 0.48% to Rs 2,716 per quintal in futures market today as speculators 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 higher by Rs 13, or 0.48% to Rs 2,716 per quintal with an open interest of 52,870 lots.

Similarly, the sweetener for delivery in March next year traded up by Rs 13, or 0.46% to Rs 2,857 per quintal in 68,910 lots.
 

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