Informist, Monday, May 29, 2023
By Sayantan Sarkar
MUMBAI – Ex-mill prices of sugar were flat in key markets of Maharashtra today as supply and demand were balanced even as mills wait for the release of the June sales quota, traders said.
The government may decrease the sales quota for mills in June as it is a lean month for demand amid lack of weddings and festivals, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.
The sugar sales quota for May was set at 2.4 mln tn, and Kuvadia expects the government to decrease it to 2.3 mln tn in June.
India is the world’s second-largest producer of sugar, after Brazil. Sugar prices are closely monitored by the government as it is one of the key ingredients in the Indian diet and, hence, is a politically sensitive commodity.
Following are the highlights of sugar trade in the domestic market today:
–Flat at 3,590-3,700 rupees per 100 kg in Mumbai
–Flat at 3,470-3,540 rupees per 100 kg in Kohlapur
Sugar prices on the Intercontinental Exchange were unavailable today as the exchange was shut for trading in sugar, coffee and cotton on account of Memorial Day holiday in the US. End
US$1 = 82.63 rupees
Edited by Vidhi Verma
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