Continuing its rising-streak,sugar futures today rose by another Rs 17 to trade at over one-week high of Rs 3,379 per quintal after speculators enlarged their positions,driven by increased spot demand for the festive season.
At the National Commodity and Derivatives Exchange,sugar for November delivery traded Rs 17,or 0.50 per cent higher at over one-week high of Rs 3,379 per quintal,with an open interest for 34,250 lots.
Sugar for delivery in December traded higher by Rs 10,or 0.30 per cent,at Rs 3,343 per quintal,with open interest of 15,930 lots.
Meanwhile,at Mumbai’s Vashi wholesale market,Medium sugar traded higher at Rs 3,542/3,592 per quintal in yesterday’s trade.
Marketmen attributed the rise in sugar futures to fresh positions created by speculators,triggered by a strong demand for the festive season but higher non-levy quota for October and November are weighing on sentiments.