Friday May 9, 01:00 PM
Indian spot sugar prices fall as summer holidays dampen demand
MUMBAI (Thomson Financial) - Indian spot sugar prices declined this week as demand was low due to summer holidays across the country.
The Indian government, which decides the quantity of sugar that mills can sell in the domestic market at the start of every month, set the May quota at 1.35 million tonnes compared to April's 1.7 million. The April quota was higher to accommodate demand arising from the celebration of Indian festivals during the period.
Meanwhile, the government has set the April-to-June quota at 4.4 million tonnes, up from 4.1 million same time last year.
Meanwhile, the Indian commodities market regulator has suspended futures trade in potato, soy oil, rubber and chickpea (chana) for four months from May 8, in a move to tame spiraling inflation. Further, minister of state for industries said the government is contemplating a ban on futures trading in all agricultural commodities. India's annual inflation rate rose marginally to a near four-year high at 7.61 percent on the back of rising food prices, official data released today showed.
In Mumbai's Vashi market, M-30 sugar was quoted at 1,484-1,585 rupees per quintal, compared with 1,490-1,580 rupees a week earlier. One quintal is equivalent to 100 kilograms.
Sugar of the S-30 variety was quoted at 1,459-1,504 rupees per quintal compared with 1,490-1,505 rupees the previous week.
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