Sugar futures prices recovered by 0.53 per cent to Rs 2,859 per quintal today after witnessing persistent fall in the past few sessions,as speculators created fresh positions.
However,higher domestic output and subdued demand in the spot markets restricted the gains.
At the National Commodity and Derivatives Exchange,sugar for delivery in January traded Rs 15,or 0.53 per cent,higher at Rs 2,859 per quintal,with an open interest of 39,530 lots.
Similarly,sugar for delivery in February edged up by Rs 11,or 0.38 per cent,to Rs 2,891 per quintal,with an open interest of 19,090 lots.
Marketmen said fresh activity by speculators,who created fresh positions at attractive lower levels,helped sugar futures to trade higher even as spot demand remained weak.
Meanwhile,in Kolhapur spot market in the top producing Maharashtra state,the most traded S-variety fell by Rs 12 to Rs 2,848 per 100 kg in yesterday’s trade.