Sugar prices rose by Rs 43 to Rs 2,958 per quintal in futures trade today as speculators preferred to cover up their short positions.
At the National Commodity and Derivatives Exchange, sugar for February delivery recovered by Rs 43, or 1.48%, to Rs 2,958 per quintal, with an open interest for 27,090 lots.
The March contract gained Rs 11, or 0.38%, to Rs 2,884 per quintal, with an open interest of 38,150 lots.
Analysts attributed the rise in sugar futures to covering-up of pending short positions at prevailing levels by speculators, helped sugar to trade higher at futures trade here.
They said, however, subdued demand against higher supplies at physical markets, capped the gains.
