Sugar futures gain 1.7% on spot demand

NEW DELHI: Supported by rising demand at the spot market amid a halt in supplies from millers, sugar prices rose 1.7 per cent to Rs 2,269 per quintal in futures trading today as traders widened bets.

At the National Commodity and Derivatives Exchange ( NCDEX), sugar for delivery in October rose Rs 38, or 1.7 per cent, to Rs 2,269 per quintal with an open interest of 45,410 lots.

Similarly, the sweetener for delivery in December contracts traded higher by Rs 33, or 1.43 per cent, at Rs 2,344 per quintal in 22,080 lots.

Analysts attributed the rise in sugar futures to pick-up in demand at the spot market and limited supplies by millers.