Buoyed by spot demand from bulk consumers and a delay in cane-crushing, sugar prices rose by over one% to Rs 2,903 per quintal in futures trade today.
In addition, expectations that the government may increase sugar exports also supported the upside in the prices.
At the National Commodity and Derivatives Exchange, sugar for delivery in December moved up by Rs 29, or 1.01%, to Rs 2,903 per quintal, with an open interest for 25,730 lots.
The November contract gained Rs 26, or 0.91%, to Rs 2,882 per quintal, with an open interest of 7,850 lots.
Analysts said the rise in sugar futures prices was mostly due to good spot demand and reports of delay in cane-crushing in key producing states following a tussle between farmers and sugar millers over cane prices and hopes of a hike in its exports by the government.
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