Sugar futures prices rose by 1.19% to Rs 2,894 per quintal today as speculators enlarged their positions after the government decided to free sweetener exports by removing quantitative restrictions.
Also, a firming trend at the spot markets following seasonal demand from bulk consumers, influenced sugar futures prices here.
At the National Commodity and Derivatives Exchange, sugar for May delivery traded Rs 34, or 1.19%, higher at Rs 2,894 per quintal, with an open interest for 50,770 lots.
Sugar for delivery in June also gained Rs 31, or 1.06%, to Rs 2,959 per quintal, with an open interest of 24,060 lots.
Analysts attributed the rise in sugar futures to speculators enlarging positions after the government decided to free sugar exports by removing quantitative restrictions in order to expedite shipments of sweetener.
In addition, strong demand at the spot markets from bulk consumers also influenced the prices, they said.
