Sugar futures extend gains, up 0.54% on summer season demand

Sugar prices rose further by 0.54 per cent to Rs 2,429 per quintal in futures market today as speculators enlarged positions, driven by summer season demand from bulk consumers.
At the National Commodity and Derivatives Exchange (NCDEX), sugar for delivery in July month advanced by Rs 13, or 0.54 per cent to Rs 2,429 per quintal with an open interest of 47,580 lots.
The sweetener for delivery in May contracts, however, held steady at Rs 2,318 per quintal in 18,210 lots.
Analysts said summer season demand from bulk consumers such as ice-cream and soft-drink makers, mainly kept sugar prices higher at futures trade.

They said, however, adequate stocks position on persistent supplies by mills and higher output reports restricted the gains.