05 May '11, 10am
Sugar futures up on seasonal demand
New Delhi , May 5 (PTI) Buoyed by pick-up in summer season demand from bulk consumers, sugar prices rose by 0.29 per cent to Rs 2,723 per quintal in futures trade today, but higher supplies restricted gains. At the National Commodity and Derivatives Exchange, sugar for delivery in May traded Rs 8, or 0.29 per cent higher at Rs 2,723 per quintal, with an open interest of 39,480 lots. Similarly, sugar futures prices for delivery in June rose by Rs 6, or 0.22 per cent to Rs 2,770 per quintal, with a business turnover of 21,320 lots. Analysts said pick-up in demand, particularly from ice-cream and cold-drink makers, which typically goes up during the summer months, helped sugar to trade higher at futures trade. However, higher supplies in the spot market limited the gains, they added.