Sugar up 1.3% on increased summer season demand

(Business Standard) – Continuing its rising streak, sugar gained 1.37% to Rs 3,188 per quintal in futures trading today as speculators enlarging positions, driven by increased summer season demand and lower output estimates.

Increased offtake by ice-cream and softdrink makers also supported the uptrend.

At the National Commodity and Derivatives Exchange, sugar for delivery in April added Rs 43, or 1.37%, to Rs 3,188 per quintal with an open interest of 29,410 lots.

Similarly, the sweetener for delivery in May gained Rs 33, or 1.04%, to Rs 3,201 per quintal in 39,290 lots.

Analysts said continued rise in sugar prices at futures was mostly due to increased summer season demand, particularly from bulk consumers.