Sugar futures today rose by 0.56% to trade at Rs 3,584 per quintal after speculators built-up fresh positions, supported by the strong demand in the spot markets for the ongoing festive season.
At the National Commodity and Derivatives Exchange, sugar for October delivery traded Rs 20, or 0.56%, higher at a new high of Rs 3,584 per quintal, with an open interest of 14,450 lots.
The September contract traded Rs 18, or 0.51%, higher at Rs 3,582 per quintal, with an open interest of 41,350 lots.
Meanwhile, small sugar (S-30) rose by Rs 39-30 to Rs 3,551-3,651 per quintal at the Mumbai's Vashi wholesale market in yesterday's trade. Medium sugar (M-30) surged by Rs 40/50 per quintal to Rs 3,621/3,761 from Rs 3,581/3,711.
Marketmen said the rise in sugar futures was due to good demand in the spot markets for the festive season.
The government's statement that the surplus quantity of agri-products such as sugar, wheat and rice would continue to be exported despite concerns over possible fall in farm production due to poor monsoon supported the upside.