Sugar softens Rs 10/qtl in Delhi, UP as consumption weakens amid biting cold

NEW DELHI, Jan 25 (Commoditiescontrol) - Sugar prices fell by Rs 10 per quintal across North and East India, including Delhi and Uttar Pradesh on subdued demand. On Monday, there was a softening of Rs 10-15 in sugar in the southern and western states. The demand for sugar is showing no signs of improvement. According to traders, the consumption of sugar has turned sluggish due to shifting of demand towards jaggery amid severe old wave conditions in North India. It is believed that demand will improve only after the end of winter. Sugar was sold at the previous price in Mumbai's Vashi Bazar and Naka Bazar.

Sugar sold lower by up to Rs 10 in the wholesale markets of Delhi and Uttar Pradesh. Other mills in UP and North India cut the sale rate by Rs 5-10. According to traders, the demand remains very weak. Delhi-based trader Sushil Aggarwal said that consumption will improve in North India only after the winter ends. With the increase in temperature in February, the demand in the market is likely to improve before Holi.

The demand slowdown continued in the southern and western states as well. However, after a fall of Rs 10-15 in the mill and market price on Monday, it remained stable today. Industry sources said selling pressure on sugar mills is increasing as demand continues to remain weak. Due to weak export demand, mills have the option of selling in the domestic market itself. Prices remained stable at Mumbai's Vashi Wholesale Market and Mumbai Naka.

Raw sugar is being sold at Rs 3050-3100 and white sugar at Rs 3150-3200 per quintal for export in Maharashtra and the neighbouring states of the port. The prices of sugar declined in the overseas market due to the softening of crude oil. March New York ICE Raw Sugar fell 0.09 cents, or 0.5 per cent, to 18.81 cents a pound. March London White Sugar fell $ 0.90, or 0.2 percent, to $ 504.50 a tonne.