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Mixed Trend In Sugar Prices On Selective Demand

11 Jul 2019 8:20 pm
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NEW DELHI (Commoditiescontrol) - Sugar prices ruled mixed at the major Mumbai market on Thursday due to selective demand.

In Mumbai, prices were at Rs 3,172-3,232 a quintal for S-grade and at Rs 3,212-3,316 for M-grade, as per Bombay Sugar Merchants Association.

"Considering production and opening stock, India will have an availability of 42.7 million tonnes of sugar to fulfil the domestic and export requirements," said CARE Ratings report.

While domestic consumption will likely see a considerable increase by 2.5 percent and stand at 26.7 million tonnes, if India exports the same quantity of sugar as it did last year, the export quantity can be pegged around 3 million tonnes.

This surplus amount of sugar because of the opening stock is likely to keep a check on the sugar prices which will remain under pressure. "We expect sugar prices to remain range bound or increase moderately and average in the range of Rs 34-Rs 35 per kg in the coming months," the report said.

Indian Sugar Mills Association (ISMA) has said that India's sugar production may drop 14 percent to 282 lakh tonnes in the forthcoming sugar season (2019-20) starting October, mainly due to fall in the area under sugarcane cultivation in states like Maharashtra and Karnataka, said.

"This is about about 47 lakh tonnes lower than the current 2018-19 SS production of around 329.5 lakh tonnes. This estimated production is based on assumption of normal rainfall and other optimum conditions," ISMA said.

The opening stocks as on 1st October 2019 is expected to be an all time high of around 145 lakh tonnes. As compared to a normative requirement of around 50 lakh tonnes on 1st October of any year as opening stocks, the industry is unnecessarily carrying about 95 lakh tonnes of sugar inventory.

(By Commoditiescontrol Bureau)


       
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