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Sugar prices remained higher for the second straight day and prices rose further by 0.54% to Rs 2,780 per quintal in futures trading today as speculators engaged positions on hopes that the government may announce some incentives.
Besides, rising demand in the spot markets due to ongoing wedding season also supported the upside.
At the National Commodity and Derivatives Exchange, sugar for delivery in March gained Rs 15, or 0.54%, to Rs 2,780 per quintal with an open interest of 19,460 lots.
Likewise, the sweetener for delivery in February moved up by Rs 9, or 0.33%, to Rs 2,730 per quintal in 11,190 lots.
Analysts said apart from pick-up in demand in the spot markets for the ongoing wedding season, expectations that the government may announce a subsidy of Rs 3,500 per tonne on export of four million tonnes of raw sugar, influenced sugar futures here.
