Sugar futures edge higher 0.34% on spot demand

Sugar prices were up by 0.34 per cent to Rs 2,356 per quintal in futures trade today as speculators widened positions, triggered by pick up in demand in the spot market.
However, adequate stocks in the physical market on higher supplies from millers, capped the rise.
At the National Commodity and Derivatives Exchange, sugar for delivery in far-month December rose Rs 8, or 0.34 per cent to Rs 2,356 per quintal with an open interest of 39,190 lots.
Similarly, the sweetener for delivery in October contracts edged up by Rs 3, or 0.13 per cent to Rs 2,337 per quintal in 49,770 lots.

Analysts attributed the rise in sugar futures to uptick in demand in the spot market but ample stocks position on higher supplies from millers restricted the gains.