Sugar futures rise 0.54% on spot demand

Sugar prices went up by 0.54 per cent to Rs 3,694 per quintal in futures trading today as speculators built up fresh position, supported by pick up in demand in the spot market.

At the National Commodity and Derivatives Exchange, sugar for delivery in December month was trading higher by Rs 20, or 0.54 per cent to Rs 3,694 per quintal with an open interest of 14,850 lots.

Likewise, the sweetener for delivery in October contracts was up by Rs 18, or 0.50 per cent to Rs 3,595 per quintal in 12,510 lots.

Analysts said fresh positions created by participants, backed by pick up in demand from bulk consumers as well as retailers in the spot market, mainly supported the upside in sugar prices at futures trade.