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Domestic Sugar Prices Continue To Rule Steady

26 Feb 2020 8:36 pm
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NEW DELHI (Commoditiescontrol) - Prices of sugar continued to rule steady at major markets in the country on Wednesday amid regular demand.

As per traders, demand for summer consumption as well as Holi will rise in coming days.

The overall sentiment is also positive due to the optimism over exports of the sweetener following higher price in the international market. Sugar prices in the international market are hovering at multi-year highs.

Meanwhile, the Centre on Tuesday further extended the deadline for mills to export balance sugar quota allocated during last season of 2018-19 till March 14.

An order in this regard has been issued by the Food Ministry. The previous deadline for shipment of balance sugar quota of 2018-19 expired on February 15.

The government had allowed mandatory export of 5 million tonne of sugar under the Minimum Indicative Export Quotas (MIEQ) for 2018-19 season (October-September) in order to improve the liquidity of mills and ensure payment of cane dues.

About 3.8 million tonne of sugar has already been exported under the scheme, as per the official data.Care Ratings said in its latest report that sugar exports from India are expected to remain firm in the next few months given the upward trend witnessed by international sugar prices in recent months.


       
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