Domestic sugar market likely to witness correction in prices

305

After the announcement of August month’s sugar sale quota the domestic sugar prices soared ₹80 to 100/quintal. The movement took place in line with the beginning of the holy Hindu month Shravan and upcoming festivals like Raksha Bandhan, Teej, Janmashtami, Ganesh Chaturthi that are scheduled in the month of August 2022.

Today 2nd August 2022, Department of Food & Public Distribution announced 30-days extension for July month’s sugar sale quota which according to market-men will bring correction of ₹30 to 40 in sugar prices. However, keeping in mind the festive demand in the coming months, recovery in prices may be seen.

In conversation with Mr. Prakash Naiknavare – Managing Director of the National Cooperative Sugar Factories Federation, “We had requested the Government for an extension of 15 days for the monthly sale quota of July month due to the hinderances caused in physical lifting because of heavy rains in parts of Maharashtra and Gujarat. The step has been promptly taken by the Department. Sugar prices that have shot up by more than Rs.100/quintal will also get corrected and overall, the market will be heading in the right direction.”

Speaking to a private miller from Maharashtra who wishes to remain unnamed said, “The sharp rise of sugar prices in the last two days was a temporary phase despite the festive demand entering the market. I am sure the market will see a correction of minimum Rs.50/quintal in sometime.”

Ex-mill sugar prices as on July, 30 2022:

LEAVE A REPLY

Please enter your comment!
Please enter your name here