Supported by a pick-up in spot market demand for the ongoing festive season, sugar futures rose by 0.25% today, notwithstanding the adequate stocks position.
However, higher supply in the market, restricted gains.
At the National Commodity and Derivatives Exchange, sugar for delivery in September edged higher by Rs 5, or 0.18%, to Rs 2,774 per quintal, with an open interest for 26,160 lots.
Similarly, the sweetener for delivery in October gained Rs 4, or 0.14%, to Rs 2,794 per quintal, with an open interest for 11,720 lots.
Analysts attributed the rise in sugar futures prices to a pick-up in demand in the spot market, driven by the ongoing festive season but adequate stocks in the market following higher supplies, restricted gains.
