Sugar futures up on pick-up in demand

NEW DELHI: Sugar futures prices today edged higher by Rs 7 to Rs 2,934 per quintal as speculators enlarged their positions largely on rising spot demand and government's decision to partially decontrol the sugar sector.


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

At the National Commodity and Derivatives Exchange, sugar for delivery in May traded Rs 7, or 0.24 per cent, higher at Rs 2,934 per quintal, with an open interest of 57,040 lots.

The sweetener for delivery in April also gained Rs 4, or 0.14 per cent, to Rs 2,865 per quintal in an open interest of 2,770 lots.

Marketmen attributed rise in sugar prices at futures trade to rising demand for the sweetener at the spot markets and partially decontrol of the sugar sector by the government but higher supplies in the market, capped the gains.