Sugar futures rise on spot demand

NEW DELHI: Sugar prices rose by 0.73 per cent to Rs 2,760 per quintal in futures trading today as speculators indulged in creating fresh positions, driven by a rise in spot market demand for ongoing marriage season.

However, ample supplies from mills into the physical market and reduced offtake by bulk consumers such as ice-cream and soft-drinks makers due to winter restricted the gains.

At the National Commodity and Derivatives Exchange, sugar for delivery in December rose by Rs 20, or 0.73 per cent, to Rs 2,760 per quintal with an open interest of 2,300 lots.

The sweetner for delivery in January also traded higher by Rs 2, or 0.07 per cent, to Rs 2,767 per quintal in 26,370 lots.

Analysts said speculators indulged in creating fresh positions,driven by a rise in demand in the spot market in view of marriage season mainly helped sugar prices to trade higher.