New Delhi. The sugar market experienced a period of stability or softening during the week of October 18th to 24th due to the festive holidays and sluggish trading. October 20th, 21st, and 22nd were holidays, while October 19th was Sunday.

Thus, trading was possible only on three days of the week: October 18th, 23rd, and 24th, and the pace was very slow. Stockists and traders had already accumulated sufficient stocks of sugar to meet Diwali demand.

During the week under review, mill delivery prices of sugar remained stable at previous levels in Punjab, Bihar, and Gujarat, while they softened by ₹25 per quintal in Eastern Uttar Pradesh, ₹30 in Western Uttar Pradesh, and ₹10 in Madhya Pradesh.

Similarly, spot sugar prices remained at previous levels in Delhi, Raipur, and Mumbai (Vashi) markets, while in Indore, they declined by ₹10 to ₹4,250/₹4,300 per quintal.

The Naka Port delivery price of sugar remained unchanged, nor did the tender price in Maharashtra and Karnataka. Only in Kolkata did the spot price see a slight improvement of ₹5-10 per quintal.

The Food Ministry has released a free sale quota of 2.4 million tonnes of sugar for the month of October, which is proving sufficient to meet demand and consumption. Although mill delivery prices and spot market prices remain high, prices did not see the surge expected during the peak festive season. A fairly balanced balance between demand and supply is expected in the coming period. The peak festive season is now over.

Sugar quotas for domestic sales in November will be announced next week. Sugarcane crushing and sugar production have already begun or are expected to begin at many mills. Production is expected to increase.