Sugar futures rebound on fresh demand, low output estimates

New Delhi, Mar 9 Snapping a five-session losing streak, sugar in futures deal today staged a comeback to trade in positive zone with gains up to one per cent on emergence of buying at lower levels by speculators.

On the National Commodity and Derivatives Exchange, sugar for April contract gained the most and traded one per cent higher at Rs 2,123 per quintal, trading 10,420 lots.

Similarly for delivery in May, the sweetener rose by 1.01 per cent, to Rs 2,201 per quintal, with a turnover of 2,930 lots, while March contract gathered 0.90 per cent to Rs 2,074 per quintal in a turnover of 6,130 lots.

Market analysts said revival of buying by speculators at prevailing lower levels, driven by latest output estimates by the industry and good demand in the spot markets mainly influenced the sweetener prices at the futures market.

source: indopia.in