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Sugar gained 0.98 per cent in futures trade today buoyed by the Government’s decision to allow sugar exports of up to five lakh tonnes.
At the National Commodity and Derivatives Exchange, sugar for delivery in May traded Rs 28 or 0.98 per cent higher at Rs 2,877 a quintal, with an open interest of 11,050 lots.
Likewise, sugar futures prices for delivery in April also rose by Rs 19 or 0.68 per cent to Rs 2,795 a quintal, with a business turnover of 35,070 lots.
Analysts attributed the continued rise in prices to speculation of rise in the sweetener’s prices following the Government’s decision to permit sugar exports of up to five lakh tonnes.
Also, expectations of pick-up in demand at the spot markets from bulk consumers such as ice-cream makers also influenced prices, they added.
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