Continuing its rising tendency, sugar futures prices rose sharply by 3.95% to Rs 3,609 per quintal as speculators engaged in building-up positions, expecting a delay in crane-crushing in sugar producing states.
However, higher selling by mills following a government directive to mills to sell 4 million tonne of sugar in the open market during October and November, capped the gains.
At the National Commodity and Derivatives Exchange, the November contract for sugar shot up by Rs 137, or 3.95% to Rs 3,609 per quintal, with an open interest of 18,840 lots.
The December contract rose by Rs 14, or, or 0.45%, at Rs 3,345 per quintal, in an open interest of 31,630 lots.
Market analysts attributed the rise in sugar prices at futures trade fresh positions by speculators supported by reports of a delay in cane crushing in key producing states.
