Sugar futures extend gains, up 0.56% on rising demand

Rising for the third straight day, sugar prices rose further by 0.56 per cent to Rs 3,223 per quintal in futures trade today as participants enlarged their position, tracking a firm trend at spot market on pick up in demand.
At the National Commodity and Derivatives Exchange, sugar for delivery in far-month May moved up by Rs 18, or 0.56 per cent to Rs 3,223 per quintal with an open interest of 61,400 lots.
In a similar fashion, the sweetener for delivery in March gained Rs 15, or 0.48 per cent to Rs 3,111 per quintal.
The rise in sugar prices in futures trade was mostly attributed to pick up in demand from retailers as well as bulk consumers in the spot market, analysts said.