Financial Daily from THE HINDU group of publications
Thursday, Jan 12, 2006
Financial Daily from THE HINDU group of publications Thursday, Jan 12, 2006 |
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Government
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Agricultural Policy Agri-Biz & Commodities - Sugar Sugar prices decline as Centre releases extra quota for UP mills Dhimant Bhatt
Mumbai , Jan. 11 SUGAR spot prices have suffered a setback with the announcement of 50,000 tonnes of additional free sale quota to Uttar Pradesh-based mills by the Union Government on Tuesday. Spot prices of medium grade (M-30) in Mumbai declined to Rs 1,896/1,956 a quintal from Rs 1,896/1,966 quoted on Monday. At the check-post delivery (Vashi), spot prices for M-30 were down to Rs 1,865/1,895 from Rs 1,895/1,935. Futures prices of near month contracts at NCDEX have also dipped by Rs 30-35 a quintal over the past two days. "The Government has announced the additional free sale quota to check the rising prices in the northern markets," Mr Prakash Naiknavare, Managing Director, Maharashtra State Co-operative Sugar Factories Federation Ltd, told Business Line.
The Union Agriculture Minister, Mr Sharad Pawar, had called a special meeting of industry representatives on Tuesday to discuss and review the situation. The representatives of National Federation of Co-op Sugar Factories Ltd, Indian Sugar Mills' Association and Maharashtra State Co-operative Sugar Factories Federation Ltd had attended the meeting. Spot prices in Uttar Pradesh were ruling higher than other major centres such as Mumbai, Hyderabad and Bangalore at Rs 1,810 ar quintal for small grade and Rs 1,850 for medium grade. As a corrective measure, the Government released the additional quota, sources said. "Sugar prices for check-post delivery have also declined by about Rs 40 per quintal over the past three days on some fresh bouts of selling. However, local demand from retailers is steady," a dealer said. Spot prices have moved up by over Rs 100 a quintal this month. "The current month's quota of 12 lakh tonnes is enough for domestic requirement. Prices are likely to remain steady this month," Mr Naiknavare said. The Government released free sale quota of 12 lakh tonnes for the current month. Out of this, total allocation to Maharashtra was 2.78 lakh tonnes.
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