Sugar rises in futures trade as spot demand picks up

NEW DELHI, Apr 18: Sugar futures prices rose by 0.32 per cent to Rs 2,780 per quintal today, as speculators enlarged their positions supported by a pick-up in spot demand.
However, ample supplies in the market, capped the gains.
At the National Commodity and Derivatives Exchange, sugar for April delivery traded Rs 9, or 0.32 per cent, higher at Rs 2,780 per quintal, with an open interest for 16,420 lots.
Sugar for delivery in May also showed strength and gained Rs 8, or 0.28 per cent, to Rs 2,833 per quintal, with an open interest of 37,770 lots.
Analysts attributed the rise in sugar futures to speculators enlarging positions, driven by a pick-up in summer season demand from bulk consumers in spot markets, but adequate supplies restricted the gains. (PTI)