NEW DELHI (Commoditiescontrol) – Sugar futures extended gains at local bourse on Tuesday despite weak cues from international market as spot prices for the sweetener have been higher in the physical market supporting positive sentiment. Spot prices are up as demand has improved, said a market analyst.
By 1054 IST, sugar future contract for delivery in March was a tad up by five rupees to trade at Rs. 3,880/100kg at National Commodity and Derivatives Exchange Ltd (NCDEX).
On Monday, ICE March raw sugar ended down 0.33 cents or 1.59 percent at 20.42 cents per pound while March white sugar closed off $5.20 or 0.96 percent at $538.20 per tonne.
Sugar prices consolidated below last week's sharp rally to a seven-week high as it appears plenty of sugar at terminals in Brazil waiting to be loaded and the shipping lineup has been reduced, according to market analyst.
(By Commoditiescontrol Bureau; +91-22-40015533)