Sugar prices rose by 0.41% in futures trade today as speculators covered up pending short positions amid firm demand in the spot market.
At the National Commodity and Derivatives Exchange, sugar for June delivery was trading Rs 10, or 0.41%, higher at Rs 2,472 per quintal, with an open interest for 10,980 lots.
July sugar rose by Rs 3, or 0.12%, to Rs 2,547 per quintal, with a business turnover of 18,280 lots.
Analysts attributed the rise in sugar futures to covering-up of pending short positions following a pick-up in demand in the spot markets.
In addition, a fall in supplies -- as millers are not willing to sell their product at prevailing lower levels -- supported the rise in prices of the sweetener in futures trade, they said.
