Sugar prices up by 0.5% on rising demand

Sugar remained firm and prices were up 0.5% at Rs 3,230 per quintal in futures trading today on positive cues from the spot market as demand rose.

However, adequate stocks on higher supplies from mills, restricted the rise.

At the National Commodity and Derivatives Exchange, sugar for delivery in May month rose by Rs 16, or 0.50% to Rs 3,230 per quintal with an open interest of 24,660 lots.

Likewise, the sweetener for delivery in March contracts traded higher by Rs 13, or 0.41% to Rs 3,151 per quintal in 90,820 lots.

Analysts attributed rise in sugar prices at futures trade to building up of positions on strong demand at spot markets from retailers as well as bulk consumers.