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Sugar prices go up on retail demand

With some signs of more inflation, the spot sugar at Vashi market went up to ₹30-₹40 per quintal on July 3, 2012. This marked a rise of about ₹10-₹20 in mill tender rates due to the lower output projections for 2012-2013 on deficit monsoon.

During the higher beginning of the month local demand, the naka rates went up by ₹30 per quintal. The traders said that the sentiment was firm. Jagdish Rawal of B.Bhogilal and Co. said, “higher retailers demand in the beginning of the month and slower pace of selling by mills on expectations of higher demand and higher price in coming days brightened the sentiment. Deficient rain across the country and concerns over production and yield is another factor fuelling the bull run.”

Rawal added that the crushing season is now over and the new season will begin from the month of October. There have also been reports of some fresh buying in Maharashtra from the states like Gujarat, Rajasthan and Madhya Pradesh.

On case the purchases from the East also join, which is lacking for Maharashtra, then the prices may rise faster. 45 tonnes of free sale has been declared by the government for quarterly quota for the month of July-September.


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