Sugar futures up 0.90 pc on firm spot demand, poor rainfall

NEW DELHI: Sugar prices rose by 0.90 per cent to Rs 2,918 per quintal in futures trade today as speculators created huge positions, buoyed by a firm spot markets trend.

At the National Commodity and Derivatives Exchange, sugar for July delivery traded Rs 26, or 0.90 per cent, higher at Rs 2,918 per quintal, with an open interest for 12,760 lots.

Sugar for delivery in August also traded Rs 18, or 0.61 per cent, higher at Rs 2,970 per quintal, with an open interest of 20,890 lots.

Meanwhile, sugar spot prices shot up by Rs 100 to Rs 3,260-3,460 per quintal in the national capital.

Analysts attributed the rise in sugar futures to fresh positions created by speculators, driven by a firming trend in spot markets on the back of rising demand from bulk consumers and deficient monsoon in key growing areas.