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Sugar prices rose by 0.52% to Rs 2,730 per quintal in futures trade today as speculators indulged in creating fresh positions after pick up in demand in the spot market, triggered by ongoing wedding season.
However, ample supplies from mills into the physical market and reduced offtake by bulk consumers such as ice-cream and soft-drink makers, restricted the gains.
At the National Commodity and Derivatives Exchange, December delivery rose by Rs 14, or 0.52%, to Rs 2,730 per quintal with an open interest of 4,680 lots.
The January delivery traded higher by Rs 14, or 0.51%, to Rs 2,782 per quintal in 27,050 lots.
Analysts said speculators indulged in creating fresh positions, driven by pick up in spot market demand due to ongoing marriage season, mainly led to rise in sugar prices at futures trade.
