Sugar futures extend gains, up 0.61 pc on uptick in demand

Rising for the second straight day, sugar prices rose by another 0.61 per cent to Rs 3,631 per quintal in futures market today as participants enlarged positions, tracking a firm trend at the spot market on rising demand.
Further, expectations of fall in sugar production fuelled the uptrend.
At the National Commodity and Derivatives Exchange, sugar for delivery in May month advanced by Rs 22, or 0.61 per cent, to Rs 3,631 per quintal with an open interest of 1,25,370 lots.
Similarly, the sweetener for delivery in July contracts traded higher by Rs 18, or 0.48 per cent, to Rs 3,760 per quintal in 25,490 lots.

Analysts attributed the rise in sugar futures to rising demand from retailers as well as bulk consumers in the spot market.