Sugar futures extend gains on rising demand

NEW DELHI: Sugar prices advanced by 0.26 per cent to Rs 2,307 per quintal in futures trading today supported by rising demand in the summer.

However, adequate stock position in the market and higher output estimates this marketing year capped the rise in prices.

At National Commodity and Derivatives Exchange ( NCDEX), sugar for delivery in October month gained Rs 6, or 0.26 per cent to Rs 2,307 per quintal with an open interest of 32,810 lots.

Likewise, the sweetener for delivery in July contracts traded higher by Rs 5, or 0.22 per cent to Rs 2,237 per quintal in 44,760 lots.

Analysts said speculators enlarged positions on the back of rising demand from bulk consumers such as ice-cream and soft-drink makers, keeping the sugar prices high in futures trade.