Weekly Review-Sugar

29-Jun-2024 08:13 PM

No much fluctuation in sugar due to limited business at the end of the month

New Delhi. The Union Food Ministry has already announced a free sale quota of 24 lakh tonnes of sugar for millers for sale in the domestic sector for the month of July, which is 1.50 lakh tonnes less than the quota of 25.50 lakh tonnes fixed for June. It is believed that with the advancement of monsoon, rains in different parts of the country and decrease in temperature, industrial demand for sugar may weaken somewhat in July. Therefore, a quota of 24 lakh tonnes may prove to be sufficient to meet domestic needs. Due to limited business during the week of June 22 to 28, the mill delivery price and spot market price of sugar either remained stable or limited ups and downs were seen.

Mill Delivery Price

During the week under review, the mill delivery price of sugar increased by Rs 20-20 per quintal in Bihar, Madhya Pradesh and Eastern Uttar Pradesh and the same decline was recorded in Western Uttar Pradesh. In Gujarat, the mill delivery price was softer by 10-20 rupees.
Spot Price
The spot market price of sugar remained unchanged at the previous level of 4200/4220 rupees per quintal in Delhi, 3930/4030 rupees per quintal in Indore and 3980/4060 rupees per quintal in Raipur (Chhattisgarh).
Mumbai
There was no change in Mumbai (Vashi) market as well and it remained stable at 3710/3910 rupees per quintal. Similarly, the Naka port delivery price also remained stable at the old level of 3660/3860 rupees per quintal.
Maharashtra / Karnataka
But there was a change in the tender price of sugar in Maharashtra and Karnataka. In Maharashtra, the tender price of S grade sugar improved by 30 rupees and M grade by 40 rupees, while SS grade decreased by 70 rupees. Similarly, in Karnataka, the tender price of S grade sugar remained soft by 10 rupees, but the tender price of M grade increased by 30 rupees.