Commodity Tips, Sales pick up as prices bottom out

ISMA announced the production trend, suggesting a 26% jump in sugar production in the 2017-18 season

Sugar prices seem to be bottoming out as northern and western markets, including Mumbai, have seen the prices stabilising at lower levels in the past few days. Reports of higher sugar production had led to a sharp fall in prices in recent months. 

“The wholesale sugar prices have improved in some parts of north and west India by Rs 30 to Rs 100 a quintal. Sugar sales have also witnessed a slight improvement in the past few days because of buying interest shown by sugar traders,” the Indian Sugar Mills Association (ISMA) said in a note on Wednesday, quoting the data of the consumer affairs ministry.

ISMA also announced the production trend, suggesting a 26 percent jump in sugar production in the 2017-18 season, which began in October. “As of December 31, 2017, 485 sugar mills were in operation in the country and they produced 10.32 million tonnes (mt) of sugar compared to 8.19 mt produced last year same time,” said the note. Over the past fortnight, sugar production has slowed.

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