Sugar futures gain 0.53% on summer season demand from bulk consumers

NEW DELHI: Sugar prices gained 0.53 per cent to Rs 2,445 per quintal in futures market today as speculators built up fresh positions, driven by summer season demand from bulk consumers.

However, adequate stock position on higher supplies from mills and reports of higher output capped the rise.

At the National Commodity and Derivatives Exchange ( NCDEX), sugar for delivery in July traded higher by Rs 13, or 0.53 per cent, to Rs 2,445 per quintal with an open interest of 25,770 lots.

The sweetener for delivery in May contracts traded higher by Rs 11, or 0.47 per cent, to Rs 2,372 per quintal in 49,910 lots.

Analysts said summer season demand from bulk consumers such as ice-cream and soft-drink makers mainly kept sugar prices higher in futures trade, but enough stock position on increased supplies by mills and higher output reports restricted the gains.