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Sugar Rules mostly Unchanged Despite Lower Dec Quota

1 Dec 2021 9:37 pm
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NEW DELHI, Dec 1 (Commoditiescontrol) - There was a possibility of a rise in sugar on Wednesday due to the release of lower quota for the current December month but the sweetener ruled steady in most of the country due to weak demand. Some of the mills of Uttar Pradesh raised the factory rate by Rs 10 but in most of the states, the mills kept the rates unchanged. According to traders, prices of sugar remained steady due to the lacklustre demand. In Mumbai, however, there was a mixed trend with slight softening in M-​​grade sugar while a rise in S-grade.

It is to be noted that the government has released sugar quota of 21.5 lakh tonnes for December which is equal to the quota of last December 2020 but less than the quota of 22.5 lakh tonnes for November 2021. The government also did not allow the sale of sugar remaining from the quota of November.

In Uttar Pradesh, some mills increased the rate by Rs 10 per quintal but rates of most of the mills remained the same as a day ago. Sugar was also sold at the previous level in the wholesale markets of Delhi and UP. The rise was expected due to low sugar quota, but due to weak demand, the price did not get support. It is believed that the demand was not supported due to the rise in the market price along with a sharp increase in the mill rate in the past.

The prices of sugar also remained stable in the markets of western and southern region including Maharashtra. There was no change in the mill rate either. According to market sources, demand remained sluggish in the market. The release of lower quota and as the mills are not allowed to sell the remaining quota of November did not strengthen the sugar. Sources say that the slowdown in sugar in the global market is putting pressure on the domestic market. Sugar remained sluggish in the domestic market due to weak export demand.

Sugar is also under pressure after the fall in crude oil due to the new threat of Corona as sugarcane starts diverting into sugar due to reduced demand for ethanol in Brazil. M grade sugar declined by Rs 10 in Mumbai's Vashi wholesale market but S grade sugar showed strength in the lower range.

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. Sugar was under pressure due to fears that the demand for ethanol would be affected due to the new variant of Corona. ICE March Raw Sugar fell 3.2 per cent to 18.60 cents a pound in the global market last night. March white sugar fell 2.4 per cent to $485.60 a tonne. After a 5% fall in crude oil, the pressure on sugar increased as the price came down to a three-month low.

Market

Grade

01-Dec

30-Nov

Change

Delhi

M-31

3820-3950

3820-3950

0

(Including GST)

S-31

3800-3930

3800-3930

0

Muzaffarnagar (UP)

M-31

3780-3890

3780-3890

0

(Including GST)

S-31

3760-3870

3760-3870

0

Bareilly (UP)

M-31

3800-3900

3800-3900

0

(Including GST)

S-31

3780-3880

3780-3880

0

Kanpur (UP)

M-31

3820-3920

3820-3920

0

(Including GST)

S-31

3800-3900

3800-3900

0

Mumbai-Vashi

M-30

3512-3682

3522-3682

-10

GST Extra

S-30

3372-3462

3336-3462

36

Mumbai-Naka

M-30

3335-3505

3335-3505

0

GST Extra

S-30

3305-3350

3305-3350

0

Kolhapur (Maha)

M-30

3260-3320

3260-3320

0

GST Extra

S-30

3220-3270

3220-3270

0

Hyderabad (Tel.)

M-30

3310-3340

3310-3340

0

GST Extra

S-30

3290-3310

3290-3310

0

Bangaluru (Ktk)

M-30

3460-3490

3460-3490

0

GST Extra

S-30

3410-3430

3410-3430

0

Chennai (TN)

M-30

3560-3580

3560-3580

0

GST Extra

S-30

3530-3560

3530-3560

0

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


       
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