Sugar furtures ascent due to upsurge in spot demand

New Delhi:  Sugar rose 1.81% to Rs 2,363 per quintal in futures trade on Friday as speculators widened positions, triggered by upsurge in demand at the spot market. However, adequate stocks on higher supplies from millers
sugar furtures ascent due to upsurge in spot...
PTI August 14, 2015 13:07 IST

New Delhi:  Sugar rose 1.81% to Rs 2,363 per quintal in futures trade on Friday as speculators widened positions, triggered by upsurge in demand at the spot market. However, adequate stocks on higher supplies from millers capped the rise.

At the National Commodity and Derivatives Exchange, sugar for delivery in December jumped by Rs 42, or 1.81% to Rs 2,363 per quintal with an open interest of 34,340 lots. 

Similarly, the sweetener for delivery in October traded higher by Rs 28, or 1.21% to Rs 2,335 per quintal in 53,180 lots.

Analysts attributed the rise in sugar futures to uptick in demand and reports that the government is considering a proposal to allow export of 4 million tonnes of sugar through barter trade. 

They said, however, ample stocks position in the market restricted the rise.

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