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Sugar prices rose by 0.80 per cent in futures trade today as speculators enlarged positions after the Government allowed export of additional five lakh tonnes of sugar amid pick up in demand at the spot markets.
At the National Commodity and Derivatives Exchange, sugar for July delivery rose by Rs 21 or 0.80 per cent to Rs 2,640 per quintal with an open interest for 31,240 lots.
Likewise, sugar for delivery in August showed strength and gained Rs 18 or 0.68 per cent to Rs 2,679 per quintal with an open interest of 18,280 lots.
Analysts attributed the rise in sugar futures to the Government’s decision to allow export of additional five lakh tonnes of sugar under the Open General Licence (OGL) on hopes of higher output exceeding demand this year.
In addition, pick up in demand from bulk consumers at the spot markets also supported the rise in prices of sweetener.
In April, the Government had allowed 5,00,000 tonnes of sugar exports under OGL, which enables shipment without any restrictions.
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