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Sugar prices moved up by 0.43% to Rs 2,788 per quintal in futures market today as speculators created fresh positions driven by pick up in spot markets demand supported by ongoing marriage season.
However, ample supplies from mills into the physical market and reduced offtake by bulk consumers such as ice-cream and soft-drinks maker due to winter capped the gains.
At the National Commodity and Derivatives Exchange, sugar for delivery in January rose by Rs 12, or 0.43% to Rs 2,788 per quintal with an open interest of 24,020 lots.
Similarly, the sweetner for delivery in December gained Rs 11, or 0.40% to Rs 2,740 per quintal in 9,800 lots.
Analysts said speculators created fresh position, driven by pick up in spot market demand due to ongoing marriage season mainly led to rise in sugar prices at futures trade.
