Uptick in demand lifts sugar futures by 0.47%

Sugar prices were up by 0.47% to Rs 3,620 per quintal in futures trading on Thursday as speculators built up fresh positions, driven by pick-up in demand in the spot market.

At the National Commodity and Derivatives Exchange, sugar for delivery in July was trading higher by Rs 17, or 0.47%, to Rs 3,620 per quintal, with an open interest of 2,620 lots.

Similarly, the sweetener for delivery in October edged up by Rs 9, or 0.23%, to Rs 3,860 per quintal in 35,500 lots.

Analysts attributed the rise in sugar futures to fresh positions created by traders due to pick up in demand from bulk consumers as well as retailers in the spot market.