Login ID:
Partner Login
Contact Us : 7066511911

Domestic Sugar Prices Rule Firm On Increased Demand

24 Feb 2020 8:32 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

NEW DELHI (Commoditiescontrol) - Prices of sugar ruled firm at major markets in the country on Monday because of a pick-up in demand ahead of the Holi and on export optimism.

As per traders, demand for summer consumption will also rise in coming days.

The overall sentiment is also positive due to the optimism over exports of the sweetener following higher price in the international market. Sugar prices in the international market are hovering at multi-year highs.

As per reports, Indonesia is looking at importing 200,000-250,000 tonnes of sugar from India before Ramzan. Typically, the southeast Asian nation buys sugar from Thailand, but due to lower production in the latter on the back of drought last year, the demand is shifting to India.

Meanwhile, Care Ratings said in its latest report that sugar exports from India are expected to remain firm in the next few months given the upward trend witnessed by international sugar prices in recent months.

International sugar prices have increased on a sequential basis in each of the months during October 2019 to January 2020 and continued to inch upwards in February 2020 (data is till February 15, 2020). During February 1 to February 15, 2020, the average international prices were up 16%-22% compared to the prices in October 2019, the Care Ratings study said.

The report further said about 3.2 MT of export contracts have been signed and around 1.6 MT of sugar have been exported against Maximum Admissible Export Quantity (MAEQ). In August 2019, the Cabinet Committee of Economic Affairs announced export subsidy at Rs 10.4 per kg to sugar mills for the sugar season 2019-20. The incentive is to be provided for expenses on marketing costs including handling, upgrading and others, and is applicable to export of up to 6 MT limited to MAEQ allocated to sugar mills for the sugar season 2019-20.

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Top | Post Comment  

Latest Market Commentary
Energy – Natural Gas (NYMEX) – Testing Channel Support ...
Energy – Crude Oil (May ‘20) – Potential Range Formatio...
U.S President Trump Expects Russia-Saudi Oil Deal Soon...
Energy – Natural Gas (NYMEX) – Relief Rally Underway / ...
Energy – Crude Oil (May ‘20) – Poised for More Weakness...
Top 5 News
ICE Raw Sugar Settles Flat Supported By Rally In Energ...
ICE Cotton Ends With Triple Digit Gains; Marks 4th Con...
CBoT Soybean Drops To 2-Wk Low On Demand Concerns; Down...
BMD CPO Tumbles 5.6% For The Week On Rising Demand Conc...
Rates Of Branded Processed Pulses Traded At Mumbai APMC...
Top 5 Special Reports
USD/INR (Apr. ’20) – Inflection Point: Testing a Short-...
USD/INR (Apr. ’20) – Pullback Underway / Testing a Shor...
Copyright © CC Commodity Info Services LLP. All rights reserved.