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As on: Feb 21, 2020 04:21 AM
Spot Market Update: Sugar Sees Mixed Movement
15-Mar-19   17:17 Hrs IST
Sugar spot prices stayed mixed after recent gains. Prices rose after the government hiked Minimum Support Price (MSP) from Rs 29 per kg to Rs 31 per kg for the year 2019-20. The spot prices are quoting at Rs 3100 per quintal in Muzaffarnagar, down 0.10% on the day. Demand is fairly weak in wholesale markets. However, ISMA has noted that considering the trend of yields, recoveries and drawal of sugarcane as also diversion of some 'B' heavy molasses to ethanol, sugar production this year is estimated to be around 307 lakh tons. This will be 5-6% less than the sugar production of about 325 lakh tons in the previous season.

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