Sugar futures recover on NCDEX

Sugar futures recovered on the back of rise in demand from ice-cream and beverage makers due to summer season in spot markets. Sentiments improved further as India’s sugar production has dropped by 3.57% to 23.75 million tonnes in the first six months of the current marketing year due to lower output in key producing states. The contract for May delivery was trading at Rs 3103.00, up by 0.29% or Rs 9.00 from its previous closing of Rs 3094.00. The open interest of the contract stood at 38590 lots. The contract for June delivery was trading at Rs 3050.00, up by 0.46% or Rs 14.00 from its previous closing of Rs 3036.00. The open interest of the contract stood at 49150 lots on NCDEX.