Spot demand lifts sugar futures by 0.58%

Sugar prices were up 0.58 per cent to Rs 2,776 per quintal in futures trade today as speculators created fresh positions due to pick up in demand in the spot market supported by the ongoing festive and wedding season.
However, ample stocks on higher supplies from millers capped the rise.
At the National Commodity and Derivatives Exchange, sugar for delivery in far-month March next year rose Rs 16, or 0.58 per cent, to Rs 2,776 per quintal with an open interest of 45,900 lots.
Similarly, the sweetener for delivery in December traded higher by Rs 11, or 0.42 per cent, to Rs 2,638 per quintal in 56,840 lots.

Analysts attributed the rise in sugar prices in futures trade to improved demand from retailers as well as bulk consumers in view of the ongoing wedding season.