Spot demand lifts sugar futures further higher

Continuing its upward trend, sugar prices were up by another 1.06 per cent to Rs 3,425 per quintal in futures market today as participants engaged in enlarging their positions, tracking a firm trend at spot market on surging demand from bulk consumers.
At the National Commodity and Derivatives Exchange, sugar for delivery in May month gained Rs 36, or 1.06 per cent to Rs 3,425 per quintal with an open interest of 820 lots.
On similar lines, the sweetener for delivery in far-month July contracts traded higher by Rs 13, or 0.36 per cent to Rs 3,627 per quintal in 48,130 lots.

Analysts said widening of their bets by traders on the back of rising demand from bulk consumers in the spot market, mainly kept sugar prices higher at the futures trade.