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Domestic Sugar Prices Steady On Limited Buying

24 Jun 2019 6:38 pm
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NEW DELHI (Commoditiescontrol) - Sugar prices remained steady at the major Mumbai market on Monday amid limited buying from the bulk buyers.

In Mumbai, prices were at Rs 3,190-3,252 a quintal for S-grade and at Rs 3,238-3,342 for M-grade, as per Bombay Sugar Merchants Association.

As per trade sources, despite sugar production in the next season might be lower compared with the current one, the problem of sugar glut is not going away any time soon simply because the supply far exceeds the demand, and exports invariably fall short of the targets.

The Indian sugar Mills Association (ISMA) is proposing an export target of 7 million tonnes for the 2019/20 (October/September) season, up from estimated exports of 3.5 million tonnes in 2018/19.

The government has set an export target of 5 million tonnes for 2018/19.

Sugar inventories are likely to rise to 14.7 million tonnes at the beginning of the new season on Oct. 1, up 37.4 percent from a year ago, the Indian Sugar Mills Association (ISMA) said last month.

As per industry sources, India’s sugar production could fall as much as 15 percent in 2019/20 to a 3-year low at 28 million tonnes.

There was a glut in the international market too. The season which is closing now, which is on till 30th of September 2019, also showed a surplus of about 4-4.5 million tonnes in the international market.

(By Commoditiescontrol Bureau)


       
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