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Sugar up on spot demand

Unrestricted exports triggered bulk demand from consumers

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Press Trust of India New Delhi
Last Updated : Jan 21 2013 | 4:10 AM IST

Buoyed by rising demand from bulk consumers and government's decision to allow unrestricted exports, sugar futures prices rose by 0.28% to Rs 2,898 per quintal today.

At the National Commodity and Derivatives Exchange, sugar for May delivery traded Rs 8, or 0.28%, higher at Rs 2,898 per quintal, with an open interest for 51,950 lots.

Sugar for delivery in June also showed strength and gained Rs 4, or 0.14%, to Rs 2,928 per quintal, with an open interest of 27,500 lots.

Analysts attributed the rise in sugar futures to speculators creating positions in line with a firming trend at spot markets. Demand in the physical markets shot up from bulk consumers after government's decision to allow unrestricted exports of the sweetener.

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First Published: May 11 2012 | 5:25 PM IST

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