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Rising for the second straight day, sugar prices were up by another 0.59% to Rs 2,562 per quintal in futures trade today as speculators enlarged positions, driven by pick up in demand from bulk consumers at spot markets.
However, adequate stocks position in the physical market on higher supplies from mills, restricted the gains.
At the National Commodity and Derivatives Exchange, sugar for delivery in July month gained Rs 15 or 0.59% to Rs 2,562 per quintal with an open interest of 18,540 lots.
Similarly, the sweetener for delivery in May contracts edged up by Rs 7 or 0.29% to Rs 2,455 per quintal in 37,830 lots.
Analysts said speculators enlarged positions on the back of summer season demand from bulk consumers such as ice-cream and soft drink makers in the spot market mainly kept sugar prices higher at futures trade.
