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Domestic Sugar Prices Down On Selling Pressure

22 Jan 2020 8:03 pm
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NEW DELHI (Commoditiescontrol) - Prices of sugar ruled mostly weak in most wholesale markets across the country on Wednesday due to selling pressure on mills ahead of the month-end and on sluggish demand.

As per traders, demand is limited despite the ongoing marriage season, while mills are rushing to liquidate their stocks. The government had fixed the monthly sales quota for January at 22 lakh tonnes.

However, the outlook is slightly bullish due to the optimism over export demand amid surge in global prices.

Global sugar prices have risen by 20 percent in the last three months after supply crunch from Thailand due to dry season.

India has exported over two million tonnes of sugar in sugar year 2019-20 so far and is expected to export upto five-six million tonnes by the end of the sugar year. The government has allowed upto six million tonnes of export, which attracts Rs 10.5 per kg subsidy.

The ethanol story, too, has gained momentum. The government is encouraging ethanol production from sugar directly rather than from molasses.


       
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