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Sugar Prices Down In Mumbai On Sluggish Demand

10 Dec 2019 6:41 pm
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NEW DELHI (Commoditiescontrol) - Prices of sugar moved lower at the Mumbai market on Tuesday because of weak demand.

Prices were at Rs 3,216-3,342 a quintal for S-grade and at Rs 3,292-3,572 for M-grade, as per Bombay Sugar Merchants Association.

Traders said that prices may remain under pressure in the days to come as demand is likely to fall ahead due to the ongoing winter season.

Demand for the sweetener from bulk consumers like cold drink and ice cream makers usually drops in India during the winter season.

Furthermore, supplies pressure is also building up due to ongoing cane crushing.

However, export deals may limit the downside.

Indian mills have so far signed deals for about 1.5 million tonnes, including contracts with port-based refineries. India mainly exports sugar to Iran, Sri Lanka, Afghanistan and African countries among others.

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