Sugar futures up on lifting of curb hopes

NEW DELHI: Sugar futures prices on Thursday rose by Rs 14 to trade higher at Rs 2,980 per quintal as speculators enlarged their positions on hopes that the government would consider lifting some curbs on the controlled industry.

However, ample supplies in the market, capped the gains. At the National Commodity and Derivatives Exchange, sugar for delivery in May traded Rs 14, or 0.47 per cent, higher at Rs 2,980 per quintal, with an open interest of 26,670 lots.

The sweetener for delivery in April contracts also gained Rs 5, or 0.17 per cent, to Rs 2,920 per quintal in an open interest of 29,940 lots.

Marketmen attributed rise in sugar prices at futures trade to fresh positions built-up by speculators on expectations that the government would consider lifting some curbs on the controlled sector.