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Domestic Sugar Prices Steady On Limited Demand

18 Jun 2019 3:55 pm
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NEW DELHI (Commoditiescontrol) - Sugar prices remained steady at the major Mumbai market on Tuesday amid limited buying from the bulk buyers.

In Mumbai, prices were at Rs 3,222-3,252 a quintal for S-grade and at Rs 3,242-3,342 for M-grade, as per Bombay Sugar Merchants Association.

As per market source, though sugar production in the next season might be lower compared with the current one, the concerns of the industry and the government will largely be on reducing the inventory.

Sugar inventories are likely to rise to 14.7 million tonnes at the beginning of the new season on Oct. 1, up 37.4 percent from a year ago, the Indian Sugar Mills Association (ISMA) said last month.

As per industry sources, India’s sugar production could fall as much as 15 percent in 2019/20 to 28 million tonnes.

There was a glut in the international market too. The season which is closing now, which is on till 30th of September 2019, also showed a surplus of about 4-4.5 million tonnes in the international market.

Moreover, the sentiments seem to be bearish after Telangana High Court has allowed a private mill to sell stocks over and above the Centre-allotted sale quota.

Trident Sugars Ltd had earlier filed a petition saying that the government had imposed restrictions by prohibiting the free sale of sugar under the Essential Commodities Act and restricting of sugar sale led to the company's inability to pay cane dues to farmers.

As per traders, there are chances that other mills also come up with a similar demand and this will lead to all the more fall in prices,

The government has been fixing the quantity of sugar available for sale on a monthly basis to support prices. If there is no limit on sale by mills, domestic prices may fall.

(By Commoditiescontrol Bureau)

 


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