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Sugar prices edged higher by 0.68% to Rs 2,831 per quintal in futures trade today as speculators created fresh positions, driven by rising demand at the spot market supported by festive season.
However, adequate stocks positions in the physical market, restricted the gains.
At the National Commodity and Derivatives Exchange, sugar for delivery in far-month December traded higher by Rs 19, or 0.68% to Rs 2,831 per quintal with an open interest of 10,700 lots.
In a similar fashion, the sweetener for delivery in October moved up by Rs 18, or 0.62% to Rs 2,909 per quintal in 4140 lots.
Analysts attributed the rise in sugar prices to fresh positions built-up by speculators mostly supported by rising demand from bulk consumers in the spot market, triggered by ongoing festive season.
