Sugar futures extend gains, up 0.93% on spot demand

Extending yesterday's gains, sugar prices advanced by 0.93 per cent to Rs 3,364 per quintal in futures trade today as traders engaged in increasing their bets, driven by rising demand from bulk consumers at spot market.

At the National Commodity and Derivatives Exchange, sugar for delivery in May month shot up by Rs 31, or 0.93 per cent to Rs 3,364 per quintal with an open interest of 2,280 lots.

Analysts said strong summer season demand from bulk consumers as well as retailers in the spot market, mainly kept sugar prices higher at futures trade.