Agri Business

Sugar recovers on short-covering, rises 0.45%

PTI New Delhi | Updated on January 26, 2011 Published on January 13, 2011

Sugar being wieghed in a shop.- M.GOVARTHAN   -  THE HINDU

Sugar staged a comeback to trade 0.45 per cent higher at Rs 2,950 a quintal in futures trade on Thursday, as speculators covered-up their short positions even as government put on hold export of the sweetener.

On the Multi Commodity Exchange (MCX), sugar for delivery in January contract shed Rs 14, or 0.45 per cent, to Rs 2,950 a quintal, with a business turnover of eight lots.

Similarly, the delivery for February contract also showed some strength and traded Rs 10, or 0.34 per cent higher at Rs 2,987 per quintal, with a turnover of four lots.

Analysts said covering-up of pending positions by speculators, helped sugar prices to recover at futures market but government hold on exports of the sweetener in view of high food inflation, restricted gains.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on January 13, 2011
This article is closed for comments.
Please Email the Editor