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This is an archive article published on October 4, 2012

Sugar prices up in futures trade on hopes of festive demand

Sugar prices rose marginally by 0.02 per cent to Rs 3,472 per quintal in futures trade.

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Sugar prices rose marginally by 0.02 per cent to Rs 3,472 per quintal in futures trade today as speculators engaged in creating positions on hopes of pick- up in demand for the coming festival season.

At the National Commodity and Derivatives Exchange,sugar for October delivery traded Rs 2,or 0.06 per cent,higher at Rs 3,472 per quintal,with an open interest for 16,970 lots.

Sugar for delivery in November also rose by a similar margin to Rs 3,374 per quintal,with an open interest of 22,640 lots.

Marketmen said the rise in sugar futures was on account of fresh positions created by speculators in anticipations that upcoming festivals will boost demand for the sweetener.

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