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Sugar prices touch Rs 41; set to rise further

business Updated: Jan 04, 2010 21:23 IST

Sugar prices, which doubled over the last one year, has gone up to Rs 41 in the local market here due to demand-supply gap, says the latest data available with the Consumer Affairs Ministry.

The price is expected to rise further as the wholesale prices have today jumped to Rs 41.50 a kg. Over the past 10 days alone, the prices have jumped by Rs 3 a kg.

Traders at the Delhi wholesale market said there is restricted supply from mills while bulk users and retailers have placed more orders.

Sugar medium and small grade prices jumped by Rs 200 each to Rs 4,150 and Rs 4,140 a quintal, respectively, they said. Similarly, the ex-mill rates, at which companies sell at their factories, have also shot up to Rs 3,850-3,980 a quintal for the medium grade.

The price of the medium grade sugar (M-30) rose by Rs 80 to Rs 3,850 a quintal at the Mumbai's Vashi wholesale market. Vashi is the sugar largest trading hub in the country.

According to the official data, the retail price of sugar touched Rs 41 a kg in Delhi on Monday from Rs 38 per kg on December 24, 2009. In major cities and towns, sugar is selling at Rs 35-40 a kg, the official data show.

A senior official with a leading sugar firm said the rise in domestic price is in sync with global prices, which on Monday touched $718 (Rs 33,229) a tonne in London.

The continued restriction imposed by the Uttar Pradesh government on the movement of imported raw sugar has also a bearing on the recent spurt in prices, he added.