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Domestic Sugar Prices Fall Further

13 Aug 2019 8:17 pm
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NEW DELHI (Commoditiescontrol) - Sugar prices eased further from their upper level at the major Mumbai market on Tuesday due to decline in demand after a sharp hike in the pices over the last few days.

Prices were firm mainly due to disruption in supply in the wake of heavy rains, festive season demand and lower sale quota for August.

In Mumbai, prices were at Rs 3,310-3,392 a quintal for S-grade and at Rs 3,342-3,542 for M-grade, as per Bombay Sugar Merchants Association.

As per traders, buying from bulk buyers to meet demand during upcoming festivals, may continue to remain firm till Diwali in October.

Prices of sugar are expected to rise by 8-9 percent in 2019-20 (Apr-Mar) because of expectations of a 9-10 percent on-year decline in cane acreage, and delayed rainfall in key producing areas, CRISIL Research said in a report.

(By Commoditiescontrol Bureau)

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