Sugar extends gains in futures trade on spot demand

Supported by an improvement in spot demand and covering-up of short positions by speculators, sugar futures traded 0.63 per cent higher at Rs 3,046 per quintal today on the Multi Commodity Exchange (MCX).

At the MCX, sugar for delivery in February rose by Rs 25, or 0.72 per cent, to Rs 3,046 per quintal,  with a business turnover of 17 lots.

Similarly, the delivery for January edged higher by Rs 15, or 0.50 per cent, to Rs 2,995 per quintal, with a business turnover of 22 lots.

Market analysts said pick-up in demand at the spot market at prevailing levels and covering-up of pending short positions by speculators, influenced the sweetner prices at futures trade here.