Sugar prices rose by 0.41% in futures trade today as speculators engaged in building up positions, supported by a firming spot markets trend on rising demand from bulk consumers.
At the National Commodity and Derivatives Exchange, the August delivery traded Rs 12, or 0.41%, higher at Rs 2,938 per quintal, with an open interest for 17,570 lots.
The July silver also traded Rs 11, or 0.38%, higher at Rs 2,911 per quintal, with an open interest of 20,550 lots.
Meanwhile, sugar rose by 0.35% to Rs 2,865 in the key spot market of Kolhapur in Maharashtra in previous trading session.
Analysts attributed the rise in sugar futures to fresh positions created by speculators, driven by a firming trend in spot markets on the back of rising demand from bulk consumers, such as soft drink makers.
Further, poor rains in sugar producing regions raising concerns about production in the next season beginning October also supported the upside in sugar futures prices here, they said.
