Sugar futures have soared in commodities trading this afternoon (October 29th) as speculators enlarge their positions amid expectations the upcoming festive period will increase demand for sweet treats.
According to Indian publication the Economic Times, market traders attribute the rise in sugar futures to fresh positions created by investors on the hopes that orders for the product will improve significantly in the near future, but higher non-levy quotas for this month and next are restricting gains.
At the National Commodity and Derivatives Exchange in India, trading for sugar for delivery in December was up by 0.6 per cent per quintal, with an open interest if 16,680 lots, while delivery in November traded 0.5 per cent higher.
At 16:30 GMT on the UCE Futures US index, Sugar No 16 Futures were higher by 2.3 per cent to 22.01 cents per pound, but White Sugar Futures on the Euronext LIFFE index slipped by 0.1 per cent to $545 per tonne.
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