Navi Mumbai, Aug 6 (UNI) Sugar prices today rallied on sustained demand by stockists, traders at the Bombay Sugar Merchants Association (BSMA) said.
Talking to UNI, BSMA President Ashok Kumar Jain said there was a considerable gap between supply and demand in the market for the last couple of weeks that created a sustained upward push to the prices.
August quota still remained at 9 lakh tonnes, while the Association has placed a request for increasing the quota supply up to 16 lakh tonnes each, for the next three months, so that a balance could be maintained, Mr Jain said.
The sugar prices have been increased by 20 to 25 per cent in the last two-three weeks. Moreover, today in a single day sugar prices shot up by 8 to 9 per cent, he added.
The wholesale rates of small and medium grade sugar surged by Rs 90 and Rs 75 per quintal respectively, on reduced stock supply by industrial users, traders said.
In ex-mill grades also, small and medium grade sugar hiked by Rs 90 and Rs 65 per quintal respectively, on better buying support by stockists, traders added.
Following were the spot wholesale rates of sugar per quintal: Small grade: Rs 1,900/1,950, medium grade: Rs 1,935/2,010.
Ex-mill small grade: Rs 1,900/1,910 and medium grade: Rs 1,920/1,950.
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