Spot demand lifts sugar prices by 0.6%

Sugar prices moved up by 0.63 per cent to Rs 3,036 per quintal in futures trading today as participants enlarged their positions, driven by pick up in demand in the spot market.

At the National Commodity and Derivatives Exchange, sugar for delivery in December rose Rs 19, or 0.63 per cent to Rs 3,036 per quintal with an open interest of 31,410 lots.

Similarly, the sweetener for delivery in far-month March gained Rs 14, or 0.46 per cent to Rs 3,080 per quintal in 85,870 lots.

Analysts said traders built up fresh positions, supported by upsurge in demand from retailers and bulk consumers, which led to rise in the sugar prices at the futures trade.