Sugar futures rise 0.57% as demand picks up

Sugar prices were up by 0.57 per cent to Rs 2,624 per quintal in futures trade today on the back of pick-up in summer season demand from bulk consumers at spot market.
However, adequate stocks in spot markets following persistent supplies by mills, restricted the rise.
At the National Commodity and Derivatives Exchange, sugar for delivery in July moved up by Rs 15, or 0.57 per cent to Rs 2,624 per quintal with an open interest of 26,090 lots.
Likewise, the sweetener for delivery in May contracts edged higher by Rs 6, or 0.24 per cent to Rs 2,504 per quintal in 33,800 lots.

Analysts attributed the rise in sugar futures to summer season demand from bulk consumers, including ice-cream and soft drink makers but persistent supplies restricted the gain.