Sugar futures gain 0.54% on spot demand

Sugar prices rose by 0.54 per cent to Rs 3,147 per quintal in evening session in futures trade today as traders widened their bets, tracking a firm trend at spot market on pick up in demand.
The exchange remained closed for the morning session on account of 'Id-e-Milad'.
At the National Commodity and Derivatives Exchange, sugar for delivery in May month was trading higher by Rs 17, or 0.54 per cent, to Rs 3,147 per quintal with an open interest of 22,000 lots.
Similarly, the sweetener for delivery in March contracts traded higher by Rs 11, or 0.36 per cent, to Rs 3,051 per quintal in 89,170 lots.

Analysts attributed the rise in sugar prices in futures trade to pick up in demand from retailers as well as bulk consumers.