Sugar prices at three-year high on strong demand

Marketmen said widening of the gap between demand and supply too supported the upside in prices

Sugar prices firmed up by Rs 50 per quintal to trade at three-year high at the wholesale market in the national capital on Thursday. The rise was mostly supported by strong demand from bulk consumers and retailers amid millers supplies at higher levels.

Sugar prices at the retail market also ruled higher at almost Rs 45 per kg.

Marketmen attributed persistent rise in sweetener prices which have been ruling at three-year highs to strong demand from bulk consumers for the festive season amid millers selling at higher levels.

Widening of the gap between demand and supply too supported the upside in prices, they said.

 

Meanwhile, the government had imposed the stock limits on mills last week till October with a view to curb soaring prices during festivals.

Sugar ready M-30 and S-30 prices spurted by Rs 50 each to end at Rs 3,950-4,150 and Rs 3,940-4,140 per quintal.

Mill delivery M-30 and S-30 prices also hardened by Rs 50 each to trade at Rs 3,620-3,790 and Rs 3,610-3,780 per quintal.

In the millgate section, sugar Anupshaher flared up by Rs 40 to Rs 3,610, followed by Baghpat, Nazibabad and Morna by Rs 30 each to Rs 3,630, Rs 3,620 and Rs 3,630 per quintal, respectively.

Following are thursday's quotations (in Rs per quintal)

Sugar retail markets - Rs 40.00-45.00 per kg.

Sugar ready: M-30 Rs 3,950-4,150, S-30 Rs 3,940-4,140.

Mill delivery: M-30 Rs 3,620-3,790, S-30 Rs 3,610-3,780.

Sugar millgate (including duty): Mawana Rs 3,690, Kinnoni Rs 3,790, Asmoli Rs 3,740, Dorala Rs 3,670, Budhana Rs N.T., Thanabhavan Rs N.T., Dhanora Rs 3,640, Simbholi Rs 3,790, Khatuli Rs 3,770, Dhampur Rs 3,630, Ramala Rs 3,610, Anupshaher Rs 3,610, Baghpat Rs 3,630, Morna Rs 3,630, Sakoti Rs 3,650, Chandpur Rs 3,630, Nazibabad Rs 3,620 and Malakpur Rs N.T.