Sugar turns sweet on festive demand hopes

PTI New Delhi | Updated on July 21, 2011 Published on July 21, 2011

Analysts attributed the rise in sugar futures prices to expectations that the demand may pick-up for the coming festivals amid announcement of lower quota for July month.

Buoyed by expectations of pick-up in demand ahead of festivals and low quota for July, sugar futures prices rose by 0.32 per cent to Rs 2,801 per quintal today as speculators enlarged their positions.

At the National Commodity and Derivatives Exchange, sugar for delivery in most-active August moved up by Rs 9 or 0.32 per cent, to Rs 2,801 per quintal, with an open interest of 52,170 lots. It closed 0.79 per cent higher at Rs 2,792 per 100 kg in the previous session.

Similarly, sugar for delivery in September edged up by Rs 4 or 0.14 per cent to Rs 2,831 per quintal, with an open interest in 11,400 lots.

Analysts attributed the rise in sugar futures prices to expectations that the demand may pick-up for the coming festivals amid announcement of lower quota for July month.

The Government has allowed millers to sell a total of 17.72 lakh tonnes of sugar via ration shops and in the open market for July month as against 18.57 lakh tonnes allocated in the previous month.

Published on July 21, 2011

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