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.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.