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New
Delhi, July 9 (NNS)Mill delivery and spot prices
of sugar moved higher in the week ended Saturday.
The prices closed with steep gains. Traders said,
main reason behind the uptrend was festival demand
that was expected soon on account of Shrawani festival
in the current month. Another reason was the lower
sugar quota released for this month. As a result,
the stockists were active buyers to take advantage
of festival season. In the first three days of the
week, millers hiked sugar prices sharply by Rs.50/60
at Rs.1715/1760 per quintal. Spot prices also were
up sharply by Rs.40 at Rs.1850/1880 per quintal.
At these rates, private and co-operative millers
of Uttar Pradesh sold around 1.25 lakh bags sugar.
Later in the week the prices eased a tad due to
heavy rains. But soon the demand from neighbouring
states firmed up and millers hiked prices by another
Rs.10 at Rs. 1760/1765 per quintal. Traders say
that prices may be higher further by Rs.10/15 per
quintal because of festive season.
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