Sugar futures firm on spot demand,output concerns

Sugar futures today rose by Rs 2 to Rs 3,619 per quintal largely on expectations of pickup in demand.

Written by Agencies | New Delhi | Published: September 18, 2012 12:12 pm

Sugar futures today rose by Rs 2 to Rs 3,619 per quintal largely on expectations of pickup in demand in the spot markets ahead of festivals amid a delay in cane crushing in the key producing region.

At the National Commodity and Derivatives Exchange,the November contract of sugar traded Rs 2,or 0.06 per cent,higher at Rs 3,619 per quintal,with an open interest for 17,100 lots.

Sugar for delivery in October traded higher by Re 1,or 0.03 per cent,at Rs 3,615 per quintal,with open interest of 38,970 lots.

Meanwhile,at the Vashi wholesale market,Medium sugar (M-30) climbed by Rs 25/20 per quintal Rs 3,676/3,811 in yesterday’s trade.

Marketmen attributed the rise in sugar futures to fresh positions created by speculators,triggered by a rising demand for the upcoming festive season amid a delay in cane crushing in the major producing regions.

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