TheoutbreakofCOVID-19hasimpactednotonlytheglobalsugarpricesbutalsoreducedofftakeofthesweetenerfromthedomesticmillsinlastfortnight,buttheimpactcouldbe"temporary",industrybodyISMAsaidonTuesday.
"TheCOVID-19impacthasalsoreducedsugarofftakefromsugarmillsinthelast15daysorso.Itisunderstoodthatsugarinthepipelinewouldhavegotsoldinthewholesaleandretailmarketinthelastcoupleofweeks,"theIndianSugarMillsAssociation(ISMA)saidinastatement.
Asperexpertsinthemarket,itisexpectedthatfreshbuyingfromthesugarmillsmaytakeplacesoonbecausethepipelinewouldhavelargelydriedupduringthelastcoupleofweeks.Thatshouldcontrolsugarpricesandthebuyingshouldhelpthesugarmills,itsaid.
TheISMAfurthersaid:"ThecurrentunprecedentedsituationduetooutbreakofCOVID-19hasimpactedtheglobalsugarpricesalso.However,theimpactcouldbetemporary."