Indian sugar futures rose on Wednesday as record high oil prices raised hopes for greater demand for cane-based ethanol, a biofuel that can be blended with petrol. At 3:31 pm (1001 GMT), the June contract was up 0.35 percent at 1,422 rupees ($33.2) per 100 kg on the National Commodity and Derivatives Exchange, while the July contract rose 0.47 percent to 1,481 rupees.
US crude oil was trading up 0.65 percent at $129.82 a barrel, after touching a new high of $129.99 on a weak US dollar and concern about supplies. Traders said volume was light after the expiry of the May contract and sluggish physical demand. Spot prices in Maharashtra, largest sugar producer, eased 0.28 percent to 1,413.95 rupees.
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