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Continuing its rising streak, sugar prices rose by 0.90% to Rs 3,139 per quintal in futures market today as speculators indulged in enlarging positions, driven by summer season demand from bulk consumers amid lower output estimates.
At the National Commodity and Derivatives Exchange, sugar for delivery in April advanced by Rs 28, or 0.90% to Rs 3,139 per quintal with an open interest of 29,370 lots.
Similarly, the sweetener for delivery in May moved up by Rs 22, or 0.70% to Rs 3175 per quintal in 41,170 lots.
Analysts said the persistent rise in sugar prices at futures trade was mostly due to summer season demand from bulk consumers such as ice-cream makers in the spot market.
