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Sugar prices surged by 0.74 per cent in futures trade today as speculators enlarged their positions on hopes that the Government may relax the export cap on the sweetener.
However, higher supplies and lower demand from bulk consumers capped the gains.
At the National Commodity and Derivatives Exchange, sugar for July delivery was trading Rs 19 or 0.74 per cent higher at Rs 2,571 per quintal, with an open interest for 26,130 lots.
July sugar futures contracts had closed 1.06 per cent higher at Rs 2,552 per quintal in yesterday’s trade.
Analysts said speculation that the Government might raise the export limit on the sweetener mainly influenced sugar prices in futures trade here.
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