In Delhi, prices of medium-grade sugar were up by 15 rupees, while they rose by 10 rupees and 20 rupees in Muzaffarnagar and Mumbai, respectively. sugar prices were unchanged in Kolhapur. To reduce sugar production, mills have lined up fresh investment to the tune of 60 bln rupees to upgrade or set up ethanol manufacturing plants. The front-month March raw sugar contract on the Intercontinental Exchange was at 12.86 cents a pound, up 0.3% from the previous close.
The coperative sugar mills in Haryana have so far produced over 16.17 lakh quintals of sugar by crushing 174.04 lakh quintals of sugarcane during the current crushing season. Stating this here on previous day, Shahabad has produced a maximum of over 3.12 lakh quintals of sugar by crushing 32.31 lakh quintals of sugarcane. Rohtak has produced over 2.36 lakh quintals of sugar by crushing 26.58 lakh quintals of sugarcane, Kaithal which has produced over 1.87 lakh quintals of sugar by crushing 19.73 lakh quintals of sugarcane and Karnal which has produced over 1.60 lakh quintals of sugar by crushing 17.03 lakh quintals of sugarcane.
Talks of MSP (minimum selling price) revision is keeping prices supported for the time, the market is awaiting the outcome of the Cabinet meeting. mills that had stopped selling sugar earlier this week due to a likely rise in the minimum selling price have started accepting bids again at 2,900 rupees per 100 kg, but with a condition that buyers would have to pay the difference at the time of delivery. The Centre had set the minimum selling price for sugar mills at 2,900 rupees per 100 kg, but has been facing pressure from various state governments to raise the price to 3,500 rupees amid mounting cane dues.