Sugar futures extend gains, up 1.75% on rising demand

Extending gains for the second straight day, sugar prices advanced by 1.75 per cent to Rs 2,500 per quintal in futures trading today as participants widened positions on the back of rising demand in the spot market.
At the National Commodity and Derivatives Exchange, sugar for delivery in far-month December shot up Rs 43, or 1.75 per cent, to Rs 2,500 per quintal with an open interest of 43,210 lots.
Likewise, the sweetener for delivery in October moved up Rs 40, or 1.65 per cent, to Rs 2,469 per quintal in 29,010 lots.
Analysts said widening positions by participants, triggered by rising demand from bulk consumers and retailers at spot market, mainly kept sugar prices higher at futures trade.