NEW DELHI – Following are the highlights of trading in the sugar market today:
* Changes in price per 100 kg
–Prices were at 3,465 rupees in Kolhapur
–Prices were at 3,330 rupees in Mumbai
–Prices were up 20 rupees at 3,360 rupees in Muzaffarnagar
–Prices were up 40 rupees at 3,400 rupees in Delhi
–Prices were flat in west India because of absence of fresh cues
–Intercontinental Exchange Futures US was flat at 12.24 cents per pound
* Ex-mill prices of sugar were up across north India today on news that committee of secretaries has approved an increase in the minimum selling price by 2 rupees per kg to 33 rupees.
* The hike in the minimum selling price of sugar will help mills clear dues to sugarcane farmers and increase cash flow.
"Committee of Secretaries has given a go-ahead to hike minimum selling price. Minutes of the meeting are still awaited… Once minutes are out, it will be announced officially."
– A senior government official.
"Logically, it (price) should now remain over 33 rupees. We will have to see if this price sustains. Although there is no reason for it to not sustain because demand is also picking up now."
– A senior official with Uttar Pradesh Sugar Mills Association.
US$1 = 74.67 rupees