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Sugar prices recovered by Rs 13 to trade at Rs 2,765 per quintal in futures trade today as speculators enlarged positions after incentives were proposed for the beleaguered sugar industry for exports of up to 40 lakh tonnes of raw sugar for two years.
Besides, a firming trend in the physical market supported the upside in the sweetner prices.
At the National Commodity and Derivatives Exchange, sugar for delivery in February declined by Rs 13, or 0.47%, to trade at Rs 2,765 per quintal with an open interest of 18,770 lots.
The sweetener for delivery in January also gained Rs five, or 0.18%, to Rs 2,830 per quintal, in an open interest of 9,380 lots.
Marketmen said rise in sugar futures prices were mostly attributed to the proposed incentives to the industry for exports of up to 40 lakh tonnes for two years.
