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Maintaining its upward trend, sugar prices rose further by 0.40% to Rs 3,225 per quintal in futures trade today as participants engaged in creating speculative positions on increased offtake by bulk consumers in the spot market.
At the National Commodity and Derivatives Exchange, sugar for delivery in May rose Rs 13, or 0.40%, to Rs 3,225 per quintal with an open interest of 56,020 lots.
Likewise, the sweetener for delivery in April traded higher by Rs 2, or 0.06%, to Rs 3,199 per quintal in 9,140 lots.
Analysts said apart from rising demand in the spot markets from bulk consumers such as soft-drinks and ice-cream makers in the spot market following beginning of summer season, fall in sugar production led to persistent rise in sweetener prices at futures trade.
Meanwhile, country's sugar production has dropped by 7% to 21.5 million tonnes in the first six months of the current marketing year due to lower output in key producing states.
