Continuing its rising streak for the second day, sugar prices advanced by 1.11 per cent to Rs 3,471 per quintal in futures market today as speculators engaged in widening their bets, driven by rising demand from retailers at spot market.
At the National Commodity and Derivatives Exchange, sugar for delivery in December shot up by Rs 38, or 1.11 per cent to Rs 3,471 per quintal with an open interest of 9,820 lots.
Analysts said participants increasing their positions, triggered by strong demand in the spot market, mainly kept sugar prices higher at futures trade.
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