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Domestic Sugar Prices Continue To Rule Steady In Limited Trade

19 Jul 2019 7:58 pm
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NEW DELHI (Commoditiescontrol) - Sugar prices remained mostly steady at the major Mumbai market on Friday amid limited trading activities.

However, a decline of Rs 4 from the lower was seen in small-grade sugar prices.

In Mumbai, prices were at Rs 3,182-3,232 a quintal for S-grade and at Rs 3,202-3,316 for M-grade, as per Bombay Sugar Merchants Association.

Sugar prices are expected to rise in the next season, which starts in October, as experts believe there will be a deficit in the global markets of around 4 million tonnes, mainly due to a drop in production from India, Thailand and European Union, said Abinash Verma, Indian Sugar Mills Association.

"If there is a deficit in the global market of 4 million from a surplus of 2 million in the current season there is a reason to believe that the global prices should move up from whatever it is today,” he added.

Meanwhile, Brazil has sought establishment of a dispute panel under the aegis of the World Trade Organization (WTO) in a case against India's sugar subsidies to farmers.

In February, Brazil and several other countries including Australia and Guatemala have dragged India into the WTO's dispute settlement mechanism alleging that New Delhi's sugar subsidies to farmers are inconsistent with global trade rules.

Brazil is the largest producer and exporter of sugar in the world.

(By Commoditiescontrol Bureau)

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