Sugar futures up on pick up in demand hopes

NEW DELHI: Sugar futures prices today edged higher by Rs 16 to Rs 2,963 per quintal as speculators enlarged their positions on hopes that demand may pick up on the back of summer season.

However, ample supplies against subdued demand in the spot markets, limited the upside.

At the National Commodity and Derivatives Exchange, sugar for delivery in April traded Rs 16, or 0.54 per cent, higher at Rs 2,963 per quintal, with an open interest of 28,870 lots.

The sweetener for delivery in far-month May also gained Rs 9, or 0.30 per cent, to Rs 3,003 per quintal in an open interest of 25,240 lots.

Marketmen attributed rise in sugar prices at futures trade to expectations that demand for the sweetener may rise in coming days for the summer season but supply pressure in the market, capped the gains.