Sugar up by 0.3% on spot demand

Sugar prices gained 0.27% to Rs 3,354 per quintal in futures trading today as speculators created fresh positions amid pick-up in demand in the spot market.

However, ample stocks on higher supplies from millers, capped the rise.

At the National Commodity and Derivatives Exchange, sugar for delivery in May was trading higher by Rs 9, or 0.27%, to Rs 3,354 per quintal with an open interest of 38,710 lots.

Similarly, the sweetener for delivery in June edged higher by Rs 9, or 0.25%, to Rs 3,552 per quintal in 25,300 lots.

Analysts attributed the rise in sugar prices in futures trade to pick up in demand from retailers as well as bulk consumers driven by ongoing festive and wedding season.