Sugar prices continue to advance

NEW DELHI: Sugar maintained the weeklong rising trend in the wholesale sugar market on Wednesday as prices rose up to Rs 125 per quintal on sustained buying by stockists to meet the current summer season demand.

The sweetener became more attractive for speculators on reports of downward revision in the output estimates by the sugar industry. Marketmen said the persistent rise in sugar prices on pick up in seasonal demand from bulk consumers such as ice cream and soft drink producers mainly supported the up trend.

They said the prices were further boosted following the sugar industry prediction of a downward revision in the output estimates. The sugar industry projected production to fall to 14.2 million tones this season, down 8.4 per cent from previous estim ates.

At spot market, sugar medium and second grade prices rose by Rs 75 each to Rs 2425-2525 and Rs 2400-2500 per quintal respectively. Similarly, will delivery medium and second grade edged up to Rs 2290-2425 and Rs 2275-2400 from previous levels of Rs 2 190-2300 and Rs 2175-2275 per quintal respectively.

source: thehindubusinessline