Continuing its gaining streak for the third day, sugar prices spurted by 2.66 per cent to Rs 3,588 per quintal in futures trade today as speculators engaged in widening their positions, tracking a firm trend at spot market on rising demand from retailers.
At the National Commodity and Derivatives Exchange, sugar for delivery in December surged by Rs 93, or 2.66 per cent to Rs 3,588 per quintal with an open interest of 9,240 lots.
On similar lines, the sweetener for delivery in far-month March next year contracts shot up by Rs 79, or 2.10 per cent to Rs 3,836 per quintal in 2,960 lots.
Analysts attributed rise in the sweetener prices at futures trade to widening of positions by speculators, taking positive cues from spot market on strong demand from retailers and bulk consumers in the spot market, mainly kept sugar prices higher at futures trade.
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