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Sugar Prices Crash In Delhi, Kolkata; Huge Losses Incurred by Traders, Stockists

18 Sep 2020 4:35 pm
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NEW DELHI (Commodities control) - Sugar prices crashed in Northern and Eastern regions of the country as traders and stockists were forced to reduce prices to manage squeezing liquidity. Although, mills were not keen to lower prices. Sugar prices were stable in Western and Southern markets, in anticipation of festival demand.

Sugar prices slipped Rs. 55 to Rs. 3465-3560 per quintal. Sugar prices were down Rs. 40 in Muzaffarnagar, Rs. 30 in Delhi and Rs. 20 per quintal in Kanpur. Delhi-based trader - Sushil Bansal told that mills were not reducing prices. But traders, stockists slashed rates to liquidate their stock amid serious liquidity crunch. As per estimates, traders and stockists were trying to liquidate their stock with average loss of Rs.30-40 per quintal.

Similar trend was recorded in Kolkata, where sugar prices dropped Rs. 40 per quintal. M-Grade Sugar was sold at Rs. 3620-3630 and S Grade at Rs. 3580-3590 per quintal. According to market sources, traders and stockists were selling their stock before new beginning in festival season. Current price fall is seen as consolidation before festival.

Market is keenly watching the festival demand. A Hyderabad-based exporter told that demand will increase after some time. The market is keeping an eye on demand from West Bengal and other parts of the country. Market sentiments will improve on festival demand. However, It might be a short term support. Sugar prices will get sustainable support only when favourable government policies are formulated.

The market awaits clarity on Minimum Selling Price (MSP), Export subsidy scheme, buffer stock scheme and Ethanol price fixation. Market participants urge Government’s intervention to aid demand.

Market

Grade

18-Sep

17-Sep

Change

Delhi

M-31

3490-3570

3520-3600

-30

(Including GST)

S-31

3470-3560

3500-3580

-30

Bareilly (UP)

M-31

3465-3560

3520-3590

-55

(Including GST)

S-31

3445-3540

3500-3570

-55

Muzaffarnagar (UP)

M-31

3460-3550

3500-3590

-40

(Including GST)

S-31

3440-3450

3480-3570

-40

Kanpur (UP)

M-31

3540-3600

3560-3620

-20

(Including GST)

S-31

3520-3580

3540-3600

-20

Kolhapur (Maha)

M-30

3260-3300

3260-3300

0

GST Extra

S-30

3220-3250

3220-3250

0

Vashi- Mumbai

M-30

3380-3400

3380-3400

0

GST Extra

S-30

3330-3360

3330-3360

0

Naka- Mumbai

M-30

3355-3405

3365-3415

-10

GST Extra

S-30

3255-3305

3245-3315

-10

Kolkata Ex-Rly Siding

M-30

3620-3630

3660-3670

-40

Kolkata Ex-Dankuni

S-30

3580-3590

3620-3630

-40

Hyderabad (Tel)

M-30

3345-3350

3345-3350

0

GST Extra

S-30

3315-3325

3315-3325

0

Bangaluru (Ktk)

M-30

3380-3400

3380-3400

0

GST Extra

S-30

3350-3380

3350-3380

0

Chennai (TN)

M-30

3500-3520

3500-3520

0

GST Extra

S-30

3450-3470

3450-3470

0

(By Commoditiescontrol Bureau: +91-22-40015505)


       
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