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Sugar prices rise on brisk demand from bulk consumers

twitter-logo PTI        Last Updated: September 29, 2018  | 15:42 IST

Sugar: Firm conditions emerged at the wholesale sugar market in the national capital during the week as sugar prices rose by up to Rs 50 per quintal following brisk demand from bulk consumers amid restricted supplies. Marketmen said increased buying by stockists and bulk consumers such as soft-drink and ice-cream makers mainly pushed up the sweetener's prices. The government approved an over 25 per cent hike in the price of ethanol produced directly from sugarcane juice for blending in petrol in a bid to cut surplus sugar production and reduce oil imports. Traders said record production, however, curbed volatility in the prices. Country’s sugar production is estimated to have touched a record of 32 million tonnes in the 2017-18 season (October-September) as against 20.3 million tonnes in the previous year. Sugar ready M-30 and S-30 prices spurted by Rs 50 each to finish at Rs 3,470-3,660 and Rs 3,460-3,650 per quintal, respectively. Sugar mill delivery M-30 and S-30 prices ruled mixed at Rs 3,130-3,425 as compared with previous week's close of Rs 3,160-3,380 and Rs 3,150-3,370, per quintal, respectively. In the mill gate section, sugar Asmoli advanced the most by Rs 50 to Rs 3,390, followed by Kinnoni which gained Rs 45 to Rs 3,425 per quintal. Sugar Khatuli and Sakoti rose by Rs 40 each to Rs 3,390 and Rs 3,220, while Dhanora by Rs 30 to Rs 3,375 per quintal. In contast, sugar Dhampur lost Rs 50 to finish the week at Rs 3,130, Shamli slipped by Rs 25 to Rs 3,160, Dorala fell by Rs 20 to Rs 3,240 per quintal. Sugar Mawana, Budhana also Thanabhavan eased by Rs 10 each to Rs 3,250, Rs 3,240 and Rs 3,230 per quintal, respectively. MORE PTI SDG SUN SHW SHW

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