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Sugar Stays Stable amid Sluggish Demand, Market Awaits Next Month Sale Quota

27 Nov 2021 8:24 pm
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NEW DELHI, Nov 27 (Commoditiescontrol) - Wholesale sugar prices remained steady across the country on Saturday amid sluggish demand over the weekend as the market waited for next month's sale quota. Sources said that the selling pressure on the mills will increase after the release of higher quota for the next month. It is estimated that the government may allow release a quota of 22-23 lakh tonnes of sugar for sale in the next month. Sugar sold at previous levels in wholesale markets across North India including Delhi and Uttar Pradesh. In southern and western India also, sugar was sold at its previous price. Due to sluggish demand, mills are under pressure to sell sugar.

Many mills of Uttar Pradesh did not increase the factory rate today. Traders and stockists in the wholesale markets also did not increase the wholesale price today. Demand remained limited due to the weekend. However, buying was reported to be better than last week. The market is now mainly waiting for the next quota. It is believed that the next quota will be between 22-23 lakh tonnes. If a quota of 22 lakh tonnes is given to the mills, then the price may increase. But if a quota of 23 lakh tonnes is given to the mills, there will be pressure on the price. The quota of 22.50 lakh tonnes was given for the current November, while the quota for December last year was 21.5 lakh tonnes.

The prices of sugar also remained at the previous level in the markets of western and southern region including Maharashtra. There was no cut in the factory rate today. However, demand remained sluggish. Mills are under pressure to sell sugar amid weak demand. Sugar industry expert Nikhil Aggarwal in Hyderabad said that selling pressure will increase on mills when the new quota comes up next week. Mills in the southern and western states continue to struggle with weak demand. However, the mills in Uttar Pradesh have recently tried to create shortage and accelerate the price by holding back sales.

Raw sugar is being sold at Rs 3125-3175 and white sugar at Rs 3200-3250 per quintal for export in Maharashtra and neighboring states of the port. Globally, sugar also remained soft in the previous session due to the sharp fall in crude oil. ICE March raw sugar fell 2.8 per cent to 19.35 cents a pound. March white sugar fell 1.9 per cent to $501.40 a tonne.

Market

Grade

27-Nov

26-Nov

Change

Delhi

M-31

3610-3810

3610-3810

0

(Including GST)

S-31

3690-3790

3690-3790

0

Muzaffarnagar (UP)

M-31

3690-3790

3690-3790

0

(Including GST)

S-31

3670-3770

3670-3770

0

Bareilly (UP)

M-31

3710-3800

3710-3800

0

(Including GST)

S-31

3690-3780

3690-3780

0

Kanpur (UP)

M-31

3730-3830

3730-3830

0

(Including GST)

S-31

3710-3810

3710-3810

0

Mumbai-Vashi

M-30

3542-3692

3542-3692

0

GST Extra

S-30

3336-3462

3336-3462

0

Mumbai-Naka

M-30

3335-3505

3335-3505

0

GST Extra

S-30

3305-3350

3305-3350

0

Kolhapur (Maha)

M-30

3250-3310

3250-3310

0

GST Extra

S-30

3210-3260

3210-3260

0

Hyderabad (Tel.)

M-30

3300-3330

3300-3330

0

GST Extra

S-30

3280-3300

3280-3300

0

Bangaluru (Ktk)

M-30

3450-3480

3450-3480

0

GST Extra

S-30

3400-3420

3400-3420

0

Chennai (TN)

M-30

3550-3570

3550-3570

0

GST Extra

S-30

3520-3550

3520-3550

0

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


       
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