Weekly Review-Sugar

19-Jul-2024 06:59 PM

Sugar prices remain strong due to good buying by stockists

New Delhi. Sugar prices remained strong during the week of July 13-19 due to better domestic and industrial demand. To meet the demand of the festive season starting from next month, traders / stockists have also started showing interest in buying sugar, which led to improvement in mill delivery prices and spot market prices.

Mill Delivery Price

During the week under review, the mill delivery price of sugar increased by Rs 55 per quintal in eastern Uttar Pradesh, Rs 80 in western Uttar Pradesh, Rs 40 in Punjab, Rs 15 in Madhya Pradesh and Rs 50 per quintal in Bihar. Similarly, the prices of different grades of sugar in Gujarat increased by Rs 40 to Rs 56 per quintal.

Spot price

During this period, the spot price of sugar also increased by Rs 20 to Rs 4160/4180 per quintal in Delhi and jumped by Rs 80 and Rs 50 to Rs 3980/4050 per quintal in Indore. But the price of sugar in Raipur market of Chhattisgarh fell by Rs 30-50 to Rs 3870/3950 per quintal.

The holy month of Sawan is going to start from next week and Kavad Yatra will start in North India. The demand and consumption of sugar increases a bit in this holy month.

Mumbai

Sugar price in Mumbai (Vashi) market remained stable at Rs 3680/3880 per quintal and no change was seen in Naka port delivery price. But an increase was recorded in the tender price of sugar in Maharashtra and Karnataka. In Maharashtra, the tender price was higher by Rs 15 to Rs 80 per quintal, while in Karnataka also it was higher by Rs 5-10.

Stocks

The indigenous industry has huge stocks of sugar and the sugarcane yield is also expected to be better this year. The possibility of starting commercial export of sugar is slowly fading away but the mills are getting relief from the high domestic market price.