Sugar futures rise 0.80% as spot demand picks up

Sugar prices recovered by 0.80 per cent to Rs 2,257 per quintal in futures trading today as speculators enlarged positions amid pickup in demand at the spot markets.
However, ample stocks in the market on persistent supplies from millers restricted the gains.
At National Commodity and Derivatives Exchange (NCDEX), sugar for delivery in October moved up by Rs 18, or 0.80 per cent to Rs 2,257 per quintal with an open interest of 44,710 lots.
Similarly, the sweetener for delivery in December contracts gained Rs 14, or 0.60 per cent to Rs 2,335 per quintal in 20,790 lots.
Market analysts attributed the rise in sugar futures to pickup in demand at the spot market, but ample stocks in the market on persistent supplies from millers capped the rise.