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Sugar Continues to Stay Unchanged, Downtrend likely after Diwali

26 Oct 2021 8:26 pm
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NEW DELHI, Oct 26 (Commoditiescontrol) - Sugar ruled steady in all the major wholesale markets across the country on Tuesday as prices are not getting support due to weak Diwali demand. Mills have also failed to increase the factory rate. Experts even say that sugar prices have remained at current levels because there is limited demand for Diwali. If the demand slows down after Diwali, the chances of a fall in the price will increase. Sugar was being sold with a loss of Rs 5 in the wholesale Vashi market of Mumbai.

Industry sources say that with the commencement of sugarcane crushing, the arrival of new sweetener will start soon. Hence, there is selling pressure on the mills. But due to Diwali demand, the mill rates remained at the current level. With the rise in crushing after Diwali, arrival of new sweetener will increase while festive consumption will slow down, so sugar prices are likely to fall.

Mill rate and market price remained stable in Uttar Pradesh. A Delhi-based trader said that the sugar festive demand is getting sluggish. Due to lack of demand support, the market price and mill rate did not get any significant support. There is no sign of improvement in the market demand. The possibility of a fall in the price of sugar after Diwali also cannot be ruled out.

Markets in South and West India also remained stable as the demand for sugar remained very weak. It is being said that the current prices of sugar have sustained /stayed only due to the festive demand. Now it is meaningless to expect an uptrend. If the arrival of new sweetener starts then the price may fall. However, stability may remain till Diwali. In Mumbai's Vashi market too, S-grade sugar was sold with a loss of Rs 5 today.

The decline in sugar in the international market has affected interest in export deals. Therefore, the deals for exports in Maharashtra and also in the states near the port have become very less. According to experts, export deals can be done at Rs 3050-3100 per quintal for raw sugar and Rs 3200-3250 per quintal for white sugar. Last day, the rise in crude oil gave support to sugar in the world market. ICE March raw sugar rose 0.31 cents, or 1.6 per cent, to 19.39 cents a pound. December white sugar futures rose $4.80 to $505.40 a tonne.

Market

Grade

26-Oct

25-Oct

Change

Delhi

M-31

4050-4150

4050-4150

0

(Including GST)

S-31

4030-4130

4030-4130

0

Muzaffarnagar (UP)

M-31

4000-4120

4000-4120

0

(Including GST)

S-31

3980-4100

3980-4100

0

Bareilly (UP)

M-31

3990-4110

3990-4110

0

(Including GST)

S-31

3970-4090

3970-4090

0

Kanpur (UP)

M-31

4050-4150

4050-4150

0

(Including GST)

S-31

4030-4130

4030-4130

0

Mumbai-Vashi

M-30

3642-3782

3642-3782

0

GST Extra

S-30

3526-3602

3532-3602

-5

Mumbai-Naka

M-30

3445-3580

3445-3580

0

GST Extra

S-30

3380-3430

3380-3430

0

Kolhapur (Maha)

M-30

3370-3430

3370-3430

0

GST Extra

S-30

3320-3370

3320-3370

0

Hyderabad (Tel.)

M-30

3420-3450

3420-3450

0

GST Extra

S-30

3400-3420

3400-3420

0

Bangaluru (Ktk)

M-30

3570-3600

3570-3600

0

GST Extra

S-30

3520-3540

3520-3540

0

Chennai (TN)

M-30

3680-3700

3680-3700

0

GST Extra

S-30

3640-3660

3640-3660

0

(By Commoditiescontrol Bureau: +91-22-40015505)


       
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