Sugar futures gain 0.49% on spot demand

NEW DELHI, Feb 3: Sugar prices rose 0.49 per cent to Rs 2,662 per quintal in futures trading today as speculators built up fresh positions after pick up in demand in the spot market supported by ongoing wedding season.
However, ample supplies in the physical market limited the gains.
At the National Commodity and Derivatives Exchange, sugar for delivery in March rose by Rs 13, or 0.49 per cent, to Rs 2,662 per quintal with an open interest of 22,320 lots.
Similarly, the sweetener for delivery in February traded higher by Rs 4, or 0.15 per cent, to Rs 2,647 per quintal in 14,740 lots.
Analysts said the rise in sugar prices was mostly attributed to pick up demand in the spot markets supported by ongoing wedding season but ample supply, restricted the gains. (AGENCIES)