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Sugar holds steady, but signs of improving demand in South

20 Jan 2022 8:33 pm
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NEW DELHI, Jan 20 (Commoditiescontrol) - Sugar prices remained stable across the country on Thursday. Right from northern India to southern states, mills kept the selling rate unchanged, due to which the market price remained at the previous level. However, one or two mills in Uttar Pradesh increased the selling rate by Rs 10-15. But demand support is unlikely. There are signs of improving demand in the southern and western states.

Selling rate of most of the mills in Uttar Pradesh remained at the previous level. However, Balrampur Group and some other mills increased the selling price by Rs 10-15. But the demand in the wholesale market remained very weak. Traders said that at present, it is difficult to get the support of demand for higher mill rates. Sugar prices remained at the previous level in all the wholesale markets including Delhi. Sugar consumption is sluggish due to severe winter. As the temperature rises, the consumption of jaggery will decrease, only then the demand for sugar will be expected to improve.

There were signs of improvement in demand in the southern and western states as well, but mill and market rates remained at the previous level. There are signs of an improvement in buying after last several days of sluggishness. With sugar becoming expensive again in the global markets, there is a possibility of export demand to emerge. M-grade sugar improved by Rs 10 in the wholesale markets of Mumbai. However, S-grade sugar sold at the previous level. Wholesale prices at Mumbai Naka also remained stable.

Raw sugar is being sold at Rs 3000-3050 per quintal and white sugar at Rs 3125-3175 per quintal for export in Maharashtra and adjoining states of the port. The rise in crude oil and the strength of Brazilian Real also supported the price of sugar in the overseas market. March New York ICE Raw Sugar rose 0.41 cents, or 2.2 per cent, to 19.07 cents a pound. March London White Sugar rose by $1.00, or 0.2 percent, to $510.10 a tonne. A stronger real in Brazil reduces local returns on dollar-traded goods such as sugar, discouraging producers from selling.

Market

Grade

20-Jan

19-Jan

Change

Delhi

M-31

3680-3780

3680-3780

0

(Including GST)

S-31

3660-3760

3660-3760

0

Muzaffarnagar (UP)

M-31

3650-3750

3650-3750

0

(Including GST)

S-31

3630-3730

3630-3730

0

Bareilly (UP)

M-31

3660-3750

3660-3750

0

(Including GST)

S-31

3640-3730

3640-3730

0

Kanpur (UP)

M-31

3680-3780

3680-3780

0

(Including GST)

S-31

3660-3760

3660-3760

0

Mumbai-Vashi

M-30

3450-3682

3450-3682

0

GST Extra

S-30

3342-3452

3332-3452

10

Mumbai-Naka

M-30

3325-3495

3325-3495

0

GST Extra

S-30

3295-3340

3295-3340

0

Kolhapur (Maha)

M-30

3210-3290

3210-3290

0

GST Extra

S-30

3170-3320

3170-3320

0

Hyderabad (Tel.)

M-30

3250-3290

3250-3290

0

GST Extra

S-30

3220-3250

3220-3250

0

Bangaluru (Ktk)

M-30

3390-3440

3390-3440

0

GST Extra

S-30

3340-3390

3340-3390

0

Chennai (TN)

M-30

3510-3550

3510-3550

0

GST Extra

S-30

3450-3500

3450-3500

0

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


       
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