Sugar prices remained unchanged but futures dropped in tune with the fall in the global sugar market.
In Uttar Pradesh, virtually no trading took place as the standoff between buyers and sellers continued over price. While sellers are looking for higher price, buyers are placing their bids at a lower price.
“Trading was almost zero in central Uttar Pradesh and therefore, prices remained at Thursday's level,” said a sugar industry source.
Sugar produced in the current season that began in October was quoted at Rs 3,170-3,175 a quintal. In eastern and western parts, it was Rs 50 higher.
Sugar produced last season ruled between Rs 3,060 and Rs 3,070.
“Sellers are in no hurry to sell since they are of the view that prices will rebound,” said the source.
Sellers are also looking forward to the Centre's notification on allowing export of 10 lakh tonnes this season for a price rally.
The Union Minister of State for Food and Consumer Affairs, Prof K.V. Thomas' statement on Friday that the Centre would consider further exports after taking into consideration the production this year has also added to the bullish outlook.
In Mumbai, S-30 grade sugar dropped to Rs 3,141-3,231 a quintal against Rs 3,161-3,245. M-30 grade sugar was quoted at Rs 3,242-3,392 (Rs 3,251-3,392).
On NCDEX, the December contract for the M-30 grade slid to Rs 2,964 a quintal, while the January contract slipped to Rs 2,943.
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