Sugar futures extend gains, climb 1.25% on rising demand

Sugar prices rose further by 1.25 per cent to Rs 3,083 per quintal in futures trade today as participants widened their bets, tracking a firm trend at spot market on rising demand.
At the National Commodity and Derivatives Exchange, sugar for delivery in March shot up by Rs 38, or 1.25 per cent to Rs 3,083 per quintal with an open interest of 96,430 lots.
In a similar fashion, the sweetener for delivery in May contracts gained Rs 34, or 1.08 per cent to Rs 3,181 per quintal in 22,990 lots.
The rise in sugar prices in futures trade was due to rising demand from retailers as well as bulk consumers, market analysts said.

They said, however, adequate stocks position on higher supplies from mills amid higher output reports, capped the rise.