Sugar Prices Rise Rs. 50 In Delhi On Strong Demand, Positive Tone In Other Regions

NEW DELHI (Commodities control) Sugar market turned to bullish today in Northern and Eastern regoins of the country as demand improved slightly from various sections of buyers. The prices gained up to Rs. 50 per quintal in Delhi and Uttar Pradesh as millers have raised selling prices by Rs. 20-25 per quintal. Kolkata market also registered price rise of Rs. 10 per quintal. There was steady trend in Southern and western region but demand was slightly better.

M grade sugar was traded at Rs. 3360-3480 per quintal with gains of Rs. 50 per quintal. S grade sugar also rose Rs. 50 per quintal. Similarly, Kanpur, Bareilly and Muzaffarnagar also gained Rs. 40-50 per quintal. A trader from Delhi criticized millers sales strategy. He said that the millers increase prices in last couple of days to let the stock (with traders and stockists) drain out at lower prices. Now they have raised their selling prices when the pipeline dried up. The millers succeeded not only to gain better prices but also to clear their stock. Today, millers have increased selling prices by Rs. 20-25 per quintal. According to market estimates, private millers have cleared substantial amount of their quota today. Therefore, mostly millers have closed their sale after a while.

Kolkata market also inched up Rs. 10 per quintal for both varieties of sugar. There was better demand from retailers and other sections of buyers. Some eastern millers have their selling prices. Although, few millers did not increase their selling prices.

In southern and western markets, the prices did not move up side but demand was slightly better. A senior official from a southern sugar company said that buyers came up for fresh buying. Earlier, they were just negotiating prices but hesitant for closing deals.