Sugar futures gain 0.49% on spot demand

Sugar prices traded higher by 0.49 per cent to Rs 3,499 per quintal in futures trade today as participants created fresh positions, driven by pick up in demand in the spot market.
At the National Commodity and Derivatives Exchange, sugar for delivery in October month rose by Rs 17, or 0.49 per cent to Rs 3,499 per quintal with an open interest of 8,180 lots.
However, the sweetner for delivery in November contracts held steady at Rs 3,601 per quintal in 14,650 lots.
Analysts said building of positions by traders on the back of upsurge in demand from bulk consumers as well as retailers in the spot market, helped sugar prices to trade higher at futures trade.