Sugar futures extend gains on bargain buying

Extending its yesterday's gains, sugar futures traded 0.20 per cent higher at Rs 2,956 per quintal today on the National Commodity and Derivatives Exchange (NCDEX), even as it weakened at the spot markets on sluggish demand.  

At the NCDEX, sugar for delivery in April rose by Rs 6, or 0.20 per cent, to Rs 2,956 per quintal, clocking a business turnover of 5,640 lots.

Similarly, the delivery for March contract also edged higher by Re 1, or 0.03 per cent to Rs 2,863 per quintal in a turnover of 23,870 lots.

Analysts said bargain buying by speculators as prevailing levels are attractive, influienced sugar prices at the futures trade here but subdued spot demand, limited the gains.