Sugar price hits the highest in Mumbai on lower release

According to trade sources, a handful of traders stored a large quantity of sugar during lean season

The price of the M30 variety of sugar (medium size, which is the benchmark) at a centre near Mumbai went up 9.2 per cent over early January on Tuesday to reach Rs 41.54 a kg, the highest so far, due to a lower release by stockists.
 
Seven years ago, sugar was traded at around Rs 40 per kg.
 
In Maharashtra the ex-mill price (the price when the commodity leaves the factory) of this variety of sugar is Rs 37.50-38 a kg. Over the past one year, its price jumped 26 per cent.
 
The situation is