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Sugar prices rose by Rs 8 to Rs 2,859 per quintal in futures trade on Thursday, as speculators increased their holdings on rising demand in spot as well as overseas markets.
At the National Commodity Derivatives Exchange here, the sugar prices for March contract delivery rose by Rs 8, or 0.28 per cent to Rs 2,859 per quintal, with an open interest of 24,880 lots.
The sweetener gained Rs 7, or 0.25 per cent to Rs 2,770 per quintal, for the current-month, February, with a trading volume of 35,710 lots.
Marketmen attributed the boost in the trading activity to the rising demand in spot markets and a firming trend in overseas markets.
Producers said poor harvest in Australia, the world’s third largest exporter, due to tropical cyclone Yasi, amid reports of the commodity reaching a 30-year high in London, fuelled the uptrend in sugar prices.
Ninety-two per cent of the crop is grown in Queensland, the area most hit by the cyclone.
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