Sugar futures up 0.30% on delay in cane crushing

Nov 19 2012, 13:07 IST
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SummarySugar futures prices surged 0.30 per cent to Rs 3,341 per quintal as speculators enlarged their positions driven by reports of delay in cane crushing in key producing states.

Sugar futures prices today surged 0.30 per cent to Rs 3,341 per quintal as speculators enlarged their positions driven by reports of delay in cane crushing in key producing states.

However, higher selling by mills following a government directive to mills to sell 4 million tonnes of sugar in the open market during October and November, capped the gains.

At the National Commodity and Derivatives Exchange, sugar for delivery in December gained Rs 10, or 0.30 per cent, to Rs 3,341 per quintal, with an open interest of 28,800 lots.

Similarly, the sweetener for delivery in November gained Rs 9, or 0.27 per cent, to Rs 3,360 per quintal in 11,230 lots.

Market analysts attributed the rise in sugar prices at futures trade fresh positions by speculators supported by reports of a delay in cane crushing in key producing states due to a stand-off between farmers and mills over cane prices.

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