Sugar futures up on summer season demand

NEW DELHI: Sugar futures today traded 0.81 per cent higher at Rs 3,128 per quintal as speculators created fresh positions driven by improvement in summer season demand from bulk consumers in spot market and drop in cane acreage.

At the National Commodity and Derivatives Exchange, sugar for delivery in July gained Rs 25, or 0.81 per cent, to Rs 3,128 per quintal, with an open interest of 19,190 lots.

Similarly, the sweetener for delivery in June edged up by Rs 21, or 0.69 per cent, to Rs 3,088 per quintal in 24,940 lots.

Marketmen attributed rise in sugar prices to pick up in demand from bulk consumers which typically rises during the summer and lower cane plantation by farmers.